Lowe’s Reports First Quarter Increases

May 21, 2002

Lowe’s Companies Inc. reports net earnings of $345.8 million for the quarter ended May 3, a 53.5 percent increase from the same period a year ago. Sales for the quarter increased 22.6 percent to $6.47 billion, up from $5.28 billion in the first quarter of 2001. Comparable store sales for the first quarter increased 7.5 percent, according to the world’s second largest home improvement retailer.

“During the first quarter, we continued to experience favorable business trends similar to those realized in the fourth quarter of last year,” says Robert L. Tillman, Lowe’s chairman and CEO. “Our customers continued to demonstrate an eagerness to maintain, decorate and improve their homes even against a backdrop of mixed economic data. Our increased national presence, our ability to leverage national advertising and our continued focus on becoming the consumers’ first choice for home improvement has paved the way for expansion into new markets while increasing traffic in existing stores.”

During the quarter, Lowe’s opened 46 new stores including four relocations. One older, smaller store was closed. As of May 3, 2002, Lowe’s operated 785 stores in 42 states representing 86.0 million square feet of retail selling space, a 19.7 percent increase over last year.

Moderator Comment: How can DIY and other retailers
attract the growing number of women that are doing handiwork at home?

Both Lowe’s and number one Home Depot have been on the
upswing as doing-it-yourself becomes a prominent trend in the country. [George
Anderson – Moderator

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