Mooresville, NC, February 23--Lowe's Companies reported net earnings of $508 million for the quarter, a 26.7 percent increase over the same period a year ago. Diluted earnings per share increased 30.6 percent to $0.64.
For the fiscal year 2004 net earnings grew 18.0 percent to $2.18 billion while diluted earnings per share increased 18.9 percent to $2.71.
Sales for the quarter increased 17.9 percent to $8.55 billion, up from $7.25 billion in the fourth quarter of 2003.
Comparable store sales for the fourth quarter increased 6.9 percent.
For the year ended January 28, 2005, sales increased 18.2 percent to $36.5 billion. Comparable store sales increased 6.6 percent for fiscal 2004.
"The results our stores delivered in the fourth quarter highlighted a great year for Lowe's," commented Robert A. Niblock, Lowe's chairman, president and chief executive officer. "During the year we completed the successful rollout of our new installed sales model, enhanced our special order sales offering, and continued to improve our ability to serve commercial business customers.
"In addition, Lowe's invested over $400 million in our existing stores to ensure the bright, clean, inspirational shopping environment remains consistent across our entire chain," explained Niblock. "These initiatives, and a strong culture of customer service, will be the foundation of our future growth."
During the quarter, Lowe's opened 56 new stores. As of January 28, 2005, Lowe's operated 1,087 stores in 48 states representing 123.7 million square feet of retail selling space, a 13.8 percent increase over last year.
The company said it expects to open 28 new stores in the first quarter of 2005, reflecting square footage growth of 13 to 14 percent. For that period it said it expects total sales to increase approximately 15 percent and comparable store sales to increase 5 to 6 percent.
It said it expects diluted earnings per share for the first quarter of 2005 to come in at $0.75 to $0.77.
For fiscal year 2005, which the company noted is a 53-week year compared to fiscal year 2004, which was a 52-week year, the company said it expects to open 150 stores reflecting total square footage growth of 13 to 14 percent. It said it expects total sales for the year to increase approximately 17 percent and comparable store sales to increase by approximately 5 percent.
The company said it expects to report diluted earnings per share of $3.25 to $3.34 for fiscal 2005.
