Bigger-than-expected Q2 results for Lowe's
Signs of a rebounding housing market were evident in Lowe's sales for the second quarter ended Aug. 2, which were $15.7 billion, up 10.3% from $14.2 billion in the same quarter last year.
Comp-store sales for the world's second-largest home improvement retailer were up 9.6%, as net earnings jumped 16.2% to $1.48 billion.
"Home improvement demand was strong during the quarter, and we capitalized on it with improving execution," said Lowe's CEO Robert Niblock. "We drove a healthy balance of ticket and transaction growth, and delivered solid performance across all product categories."
The report follows by a day that of rival Home Depot, which posted a 10.7% comp-store sales gain.
As a result of its bigger-than-expected quarterly results, Lowe’s is boosting its fiscal year outlook and expects full year total sales to increase about 5%. It also plans to open 10 stores in fiscal 2013. As of Aug. 2, Lowe's had 1,758 stores in North America.