Lowe’s reported a profit of $3.1 billion in 2016, a 24 percent increase compared with its profit of $2.5 billion in 2015.
Sales for the year were $65.02 billion, an increase of 10.07 percent compared with sales of $59.07 in 2015.
Lowe’s fourth quarter profit was $663 million compared with the profit of $11 million in the fourth quarter of 2015. The $11 million figure in 2015 was due to a $530 million loss from the company’s decision to exit its investment with the Australian home improvement company Woolworth. The company’s fourth quarter profits in fiscal years 2014 and 2013 were $450 million and $306 million, respectively.
Sales in the fourth quarter 2016 were $15.78 billion, a 19.18 percent increase compared with sales of $13.24 billion in the fourth quarter of 2015.
"We achieved strong fourth quarter results, delivering comparable sales growth and adjusted earnings per share above our expectations," said Robert A. Niblock, Lowe's chairman, president and CEO, in a statement. "We leveraged our omni-channel platform, customer experience design capabilities and project expertise to drive strong holiday performance and capitalize on broad-based project demand throughout the quarter.”
