Fourth quarter doesn’t slow Lowe’s

Mooresville, N.C. -- A fourth-quarter sales and net earnings decline did not prevent Lowe’s Companies from recording record earnings for fiscal 2006, as the big home improvement retailer said full-year net earnings grew 12.3% to $3.1 billion, while diluted earnings per share were up 15.0% to $1.99 for the year.

Still, the housing slump did affect the most recent activity, as comp sales for the quarter were down 5.3%, resulting in a flat year-to-year comparison. Full-year sales were $46.9 billion, up 8.5% compared to the 53-week preceding fiscal year, and up approximately 10% when adjusted to a 52-week comparison.

"We are encouraged by indications that our sales trends have bottomed. As a result, we believe our comparable store sales performance will gradually improve throughout 2007," said chairman and ceo Robert Niblock.

Home & Textiles Today Staff | News & Commentary

 Home Textiles Today is the market-leading brand covering the home and textiles markets, offering a comprehensive package of print and online products. Home & Textiles Today provides industry news, product trends and introductions, exclusive industry research, consumer data, store operations solutions, trade show news and much more.

Featured Video

  • 1200 Suppliers are Ready for You at Intertextile Shanghai

    Camera Icon More Videos

Subscribe to
Home & Textiles Today eDaily
Receive the news you need to know about the trends in the industry delivered right to your inbox.

CURRENT ISSUE

HTT August 2017

See the August 2017 issue of Home & Textiles Today. In this issue, we look at the Top 50 Retailing Giants Report, plus Manufacturing: Made in the USA gaining ground; International: Portugal ramping up exports; New products: NY Now home textiles introductions; Outlook: Commentary from H&TT's editors; and Planning: Trade show calendar.

See details!