Lowe’s 4Q up sharply, says worst is over
February 22, 2010,
Mooresville, N.C. – Home improvement retailer Lowe’s reported a 26.5% boost in profit for the fourth quarter, a sign consumers are starting to spend again, according to the company’s chief.
Lowe’s earnings per share increased 27.3% to 14 cents on net income of $205 million.
Sales for the quarter ended Jan. 29 rose 1.8% to $10.2 billion, while comps slipped 1.6%.
For the fiscal year, earnings declined 18.8% to $1.78 billion and EPS fell 18.8% to $1.21.
Sales dropped 2.1% to $47.2 billion, and comps fell back 6.7%.
The retailer plans to open 40 to 45 stores this year. It currently operates more than 1,700 units.
Guidance for the current fiscal year calls for EPS of $1.30 to $1.42 along with a boost in operating margin of 40 to 50 basis points. Lowe’s expects annual to rise 4% to 6%, with comps gaining 1% to 3%.
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