By Lisa Johnston
New products on display at the American International Toy Fair, held in N
Mooresville, N.C. — Lowe’s said solid performance in core categories and a nimble distribution network contributed to sales and earnings increases in the fourth quarter.
For the three months, ended Jan. 31, net earnings rose 6.3 percent to $306 million, including a $32 million asset impairment hit. Net sales increased 5.6 percent to $11.7 billion and comp sales edged up 3.9 percent.
For the full fiscal year, profits increased 16.7 percent to $2.3 billion while net sales rose 5.7 percent to $53.4 billion and comps increased 4.8 percent.
This TWICE webinar, hosted by senior editor Alan Wolf, will take a look at what may be the hottest CE products at retail that will be sold during the all-important fourth quarter. Top technologies, market strategies and industry trends will be discussed with industry analysts and executives.
Mooresville, N.C. — Lowe’s has tapped GE’s Michael McDermott for the newly created position of senior VP/ general merchandising manager, building and maintenance.
McDermott most recently served as sales leader-appliances at GE and was also a member of the company’s corporate commercial council.
In his new post, he will be responsible for the lumber and building materials, millwork, hardware and tools, and rough plumbing and electrical divisions, reporting to chief merchandising officer Michael Jones.
Mooresville, N.C. — Lowe’s reported slightly lower net earnings and net sales, but higher comp store sales in its fiscal fourth quarter, ended Feb. 1.
Net earnings were $288 million in the quarter, compared with $322 million year on year. Net sales for the fourth quarter decreased 5 percent to $11 billion, from $11.6 billion in the fourth quarter of 2011.
Comp-store sales for the fourth quarter of 2012 increased 1.9 percent on a consolidated basis as well as for the U.S. business.
Las Vegas – Home-improvement chain Lowe’s is coming to International CES to expand its Iris home-control and home-monitoring system with the addition of 15 more products and services, including Iris’s first home-network products.
The do-it-yourself system, launched in July 2012, enables homeowners to monitor and control home systems from anywhere via smartphone, tablet or computer with a free basic level of service.
Products will be demonstrated in the San Polo room 3403 of the Venetian.
Mooresville, N.C. - Lowe’s has added LG Electronics to its majap assortment.
Starting in the first quarter of 2013, the No. 2 home improvement chain will carry LG kitchen and laundry products in all 1,700-plus stores and online.
The offering will include refrigerators, washers, dryers, dishwashers and ranges.
Mooresville, N.C. — Lowe’s will roll out its wireless Iris home-control and monitoring system to all of its 1,750 stores by the end of next year, up from a current 500 stores, a spokesperson told TWICE.
The company’s three own-brand Iris systems, launched in July, are also available on the company’s website.