Connect with us

Headlines

New High for Lowe's

Home-improvement retailer's results buoyed by refinancing boom

Published

on

Lowe's Cos. Inc. (Wilkesboro, N.C.), the world's second largest home-improvement retailer, today reported record net earnings of $339.2 million for the quarter ending November 1, a 35.4 percent increase over the same period a year ago.

The company also reported that sales for the quarter increased 17.6 percent over the year-earlier period, to $6.41 billion, and that comparable store sales for the third quarter increased by 4.1 percent.

“The strong third quarter sales and earnings results our stores delivered signify the continued strength of the home-improvement consumer in an otherwise uncertain economic environment,” says Robert Tillman, Lowe's chairman and ceo. “Our performance in 2002 reflects … a strong housing market and a refinancing boom that has introduced billions of dollars into the economy. Demographic and societal trends continue to provide longer-term opportunity for our company as Americans increase their focus on the comforts of home.”

During the quarter, Lowe's opened 18 new stores and closed one older, smaller store. As of November 1, the company operated 823 stores in 43 states. Lowe's plans to open 37 more stores in its fourth quarter.

Advertisement

Advertisement

SPONSORED HEADLINE

7 design trends to drive customer behavior in 2024

7 design trends to drive customer behavior in 2024

In-store marketing and design trends to watch in 2024 (+how to execute them!). Learn More.

Promoted Headlines

Most Popular