Lowe’s (Mooresville, N.C.) reported a second quarter profit of $1.42 billion, an increase of 21.3 percent compared with a profit of $1.17 billion reported in the second quarter of 2016.
The company’s second quarter profit includes a $96 million gain from the sale of its interest in Woolworths, an Australian home improvement company.
Sales for the second quarter were $19.49 billion, an increase of 6.7 percent compared with sales of $18.26 billion in the second quarter of 2016. Comparable-store sales increased 4.5 percent year-over-year and 4.6 percent quarter-over-quarter.
“We are pleased with our improved comparable sales performance relative to last quarter, and the strong momentum we built throughout the second quarter culminating in a 7.9 percent comparable sales increase for the month of July,” said Robert Niblock, Lowe’s chairman, president and CEO, in a statement. “I would like to thank our employees for their passion and commitment to serving customers.”
