Lowe's Reports Net Sales Growth of Over 5.0% for the Fiscal Year

Mooresville, NC, February 24, 2016—Lowe’s Companies has reported net earnings of $2.5 billion, or diluted earnings per share of $2.73 for the fiscal year ended January 29, 2016—which includes a non-cash impairment charge of $530 million related to the Company's decision to exit its joint venture in Australia—compared to net earnings of $2.7 billion, or diluted earnings per share of $2.71 for the fiscal year ended January 30, 2015.

Net sales for the year ended January 29, 2016 were $59,074,100 compared to $56,223,100 for the fiscal year ended January 30, 2015, an increase of just over 5.0%.

This represents an 8% decrease in net earnings year over year.

Excluding the impact of this charge, adjusted net earnings were $3.1 billion, an increase of 14.0% from the same period a year ago, and adjusted diluted earnings per share increased 21.4% to $3.29.

For the quarter, Lowe's reported net earnings of $11 million, or diluted earnings per share of $0.01, for the quarter ended January 29, 2016, which includes the impairment charge, compared to $450 million, or diluted earnings per share of $0.46 for the fiscal year ended January 30, 2015.

Comparable sales increased 5.2% for the fourth quarter. 

Excluding the impact of this charge, adjusted net earnings for the fourth quarter were $541 million, a 20.2% increase over the same period a year ago, and adjusted diluted earnings per share increased 28.3% to $0.59 from $0.46 in the fourth quarter of 2014.