Wilkesboro, NC, Apr. 17—Flooring was the fastest growing product category at Lowe’s last year, based on percentage change, and it was the second fastest behind appliances based on dollar sales, according to the company's annual 10-K filing with the Securities and Exchange Commission.
Sales of flooring rose $381 million, or 31%, to $1.7 billion in 2002 and made up 6% of company sales.
Installation services have been a major driver of flooring sales in recent years, according to the company. It said flooring continues to be a major product category for the company and is a relatively high margin category, which it places a lot of focus on.
Sales of appliances at Lowe's rose 24% in 2002 to nearly $3 billion. The company’s appliance sales have more than doubled since 1999, when major appliances sales totaled $1.3 billion.
