Lowe’s plans on collaboration, ups net earnings
Home & Textiles Today Staff -- Home Textiles Today, August 15, 2005
MOORESVILLE, N.C. -- Collaborating merchandising and operations strategies is on the agenda for Lowe’s under the new direction of Larry Stone, who in June was promoted to senior executive vice president of merchandising and marketing.
During the company’s second quarter earnings call this morning, Stone said that while he won’t be making any changes to Lowe’s core merchandising strategies, he feels he offers a “valuable perspective” to the role and will “forge an ever increasing link between merchandising and operations.”
The company reported net earnings for its second quarter rose 19.7 percent, to $838 million from $700 million last year.
Sales for the quarter increased 17.3 percent, to $11.9 billion from $10.2 billion last year; while comp-store sales improved 6.5 percent
For the six months ended July 29, net earnings grew 24 percent, to $1.4 billion from $1.2 billion a year ago. Sales for the six-month period sales increased 15.9 percent, to $21.8 billion $18.9 billion last year. Comps for the period increased 5.2 percent.
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