Wilksboro, NC, Aug.18--Lowe's Companies, Inc. today reported net earnings of $597 million for the quarter ended August 1, a 27.8% increase over the same period a year ago. Diluted earnings per share increased 27.1% to $0.75 from $0.59 in the second quarter of 2002.
Sales for the quarter increased 17.2% to $8.77 billion, up from $7.49 billion in the second quarter of 2002. Comparable store sales for the second quarter increased 6.9%.
"As we had expected, Americans' passion for home improvement projects surged as the weather improved across most of the U.S.," said Robert L. Tillman, Lowe's chairman and CEO. "As a result of the continuing commitment to improve the home, we experienced sales strength in every product category, including big ticket items, and in every region of the country. The continuing success of our internal sales and performance initiatives, as well as signs of an improving macro economic climate, keep us optimistic for the back half of the year."
"A strategic investment in inventory and an effective marketing program allowed Lowe's to capitalize on a compressed spring selling season," added Lowe's President Robert A. Niblock. "When customers returned to our stores following the cold and wet months that started the year, our employees delivered great service and the merchandise our customers wanted. With over 57 years of experience in the home improvement industry, our second quarter results show that our stores were prepared for what we were confident would be an intense ramp in sales as weather improved."
During the quarter, Lowe's opened 24 new stores, including two relocations, and closed one older, smaller store. As of August 1, Lowe's operated 896 stores in 45 states representing 99.7 million square feet of retail selling space, a 12.5% increase over last year.
