Wilkesboro, NC, Feb. 24--Lowe's had net earnings of $319.4 million for the quarter ended January 31, a 46.2% increase over the same period a year ago. Diluted earnings per share increased 42.9% to $0.40 from $0.28 in the fourth quarter of fiscal 2001. For fiscal 2002, net earnings grew 43.8% to $1.47 billion and diluted earnings per share increased 42.3% to $1.85.
Sales for the quarter increased 16.5% to $6.12 billion, up from $5.25 billion in the fourth quarter a year ago. Comparable store sales for the fourth quarter increased by 4.1%. Fiscal 2002 sales increased to $26.5 billion, a 19.8% increase over the previous year. Comparable store sales increased 5.6% for the year.
"In 2002, amidst a backdrop of economic uncertainty, Americans continued to invest in their largest asset, their homes," commented Robert L. Tillman, Lowe's chairman and CEO. "Throughout the year, we continued to experience consistent performance across all regions and all product categories. Focused on providing exceptional customer service, our employees delivered the best year in Lowe's history.
"The year ahead holds challenges, but many signs point to a strong home improvement market. Positioning Lowe's for future growth, I'm confident our employees will continue their consistent execution of the fundamentals with a diligent focus on exceeding customer expectations. Despite the uncertainties that remain in the broader economic and geopolitical environment, I'm optimistic that the home improvement consumer will remain resilient."
During the quarter, Lowe's opened 37 new stores including six relocations. For the year, Lowe's opened 123 new stores including 11 relocations. Two older, smaller stores were closed during the year. As of January 31, Lowe's operated 854 stores in 44 states representing 94.7 million square feet, a 17.4% increase over last year.
In the first quarter of this year, the firm expects: to open 20 stores reflecting square footage growth of approximately 13%; sales to increase approximately 15% with comparable store sales growth of 2 to 4%; an operating margin increase of approximately 20 basis points; store opening costs of approximately $26 million; and diluted earnings per share of $0.51 to $0.53.
