Lowe's Companies Inc. (Mooresville, N.C.) reported net earnings of $1.0 billion for the quarter ended Jan. 30. Total sales for the quarter were $20.6 billion, compared to $18.6 billion in the prior-year quarter. Comparable sales for the quarter increased 1.3%, driven by continued growth in Pro, online and home services sales, as well as a strong holiday performance.
"We delivered strong results this quarter, as our Total Home strategy is resonating with both our Pro and DIY customers, which was evident during a great holiday season,” said Marvin R. Ellison, Lowe's chairman, president and CEO. “Given our outperformance this quarter, we awarded $125 million in discretionary bonuses to our frontline associates in recognition of their hard work and outstanding customer service. While the housing macro remains pressured, we are focused on directing what is within our control, which includes our ongoing productivity initiatives.”
As of Jan. 30, Lowe's operated 1,759 stores representing approximately 196 million square feet of retail selling space.
For a more detailed breakdown of the company’s earnings, click here.
