Mooresville, N.C. — Lowe’s, the second-largest home improvement chain and No. 2 majap merchant, said net earnings for its fiscal fourth quarter rose 26.7 percent to $508 million, thanks to new store openings and robust white-goods sales.
Net sales for the three month period ended Jan. 28 grew 17.9 percent to $8.6 billion, and same-store sales gained 6.9 percent.
For the full fiscal year, net earnings increased 18 percent to $2.2 billion; net sales spiked 18.2 percent to $36.5 billion, and same store sales grew 6.6 percent.
CEO Robert Niblock attributed the gains to strong sales of major appliances and building materials, as well as improvements in the company’s installation services model, special order offering, business-to-business operations and in-store housekeeping.
Lowe’s opened 56 new stores during the quarter and plans to add 150 more this year.
Yesterday, archrival The Home Depot reported a 9.4 percent gain in net earnings to $1 billion, and an 11.2 percent hike in net sales to $16.8 billion during the same three-month period. Home Depot operates 1,657 domestic stores, compared with 1,087 for Lowe’s.