Mooresville, N.C. — No. 2 home-improvement chain Lowe’s said net earnings rose 47 percent to $450 million for its fiscal fourth quarter, ended Jan. 30.
Sales increased 7.6 percent to $12.5 billion for the three-month period, and comp-store sales in the U.S. grew 7.4 percent.
For the full fiscal year, profits increased 18 percent to $2.7 billion, sales rose 5.3 percent to $56.2 billion, and U.S. comp sales grew 4.3 percent.
In a statement, chairman/president/CEO Robert Niblock said the company remains “focused on improving our profitability even while investing in key capabilities to drive sales growth,” and described employees’ hard work and dedication as an important contributor to the strong fourth-quarter results.
Niblock also noted that ongoing internal and assortment initiatives are gaining momentum. Among the initiatives is a reported test of a store-within-a-store format for Samsung appliances. The pilot shops are being trialed in two locations, according to Janney retail hardlines analyst David Strasser, who visited one of the stores.
Looking ahead, Niblock said the macroeconomic backdrop is expected to support modestly stronger growth for the home improvement industry in 2015.
The financial results mirror yesterday’s similarly upbeat earnings report from archrival The Home Depot.
Lowe’s currently operates 1,840 home-improvement and hardware stores in the U.S., Canada and Mexico.