Lowe’s increased its net earnings by 7.1 percent during the second quarter of 2018, growing to $1.5 billion, compared with $1.4 billion earned during the second quarter of 2017.
Sales for the retail giant were also up 7.1 percent compared with the second quarter of 2017, recorded at $20.9 billion for the quarter. Comparable sales increased 5.2 percent.
“We posted solid results this quarter by capitalizing on delayed spring demand,” CEO Marvin Ellison said in a statement. “We are committed to driving even stronger performance in the future by sharpening our focus on retail fundamentals and by limiting any projects and initiatives that take us away from our core mission.”
The company also announced it would close all of its 99 Orchard Supply Hardware stores located in California, Oregon and Florida by the end of fiscal 2018.
“While it was a necessary business decision to exit Orchard Supply Hardware, decisions that impact our people are never easy,” Ellison said.
Ellison also stated that the company is developing plans to “aggressively rationalize store inventory” to reduce lower-performing inventory in its stores.
As of Aug. 3, the company operated 2,155 stores.
