Although the residential construction market is beginning to show some strength nationwide, homeowners continue to invest in repairs and upgrades on their existing properties, and that trend is helping home centers post some nice financials. Lowe’s Companies, Inc. (NYSE: LOW), Mooresville, N.C., the world’s second largest home improvement retailer, reported net earnings of $941 million for the quarter ended August 2, a 26% increase over the same period a year ago. Profits for the six-month period rose 16.2% over the first half of 2012.
Sales for the quarter increased 10.3 percent to $15.7 billion from $14.2 billion in the second quarter of 2012, and comparable sales for the quarter increased 9.6 percent. For the six month period, sales were $28.8 billion, a 5.1 percent increase over the same period a year ago, and comparable sales increased 4.6 percent.
“Home improvement demand was strong during the quarter, and we capitalized on it with improving execution. I’d like to thank our employees for their hard work and continued dedication to serving customers,” said Robert A. Niblock, Lowe’s chairman, president and CEO, in a press release. “We drove a healthy balance of ticket and transaction growth, and delivered solid performance across all product categories.”
The company's outlook for the whole of 2013 has improved. It expects to open 10 new stores over the course of the year and to post an overall increase of 5% in annual sales.
Here's Lowe's release: "Lowe’s Reports Second Quarter Sales and Earnings Results"