Lowe's Companies Inc. (Mooresville, N.C.) posted a 0.2% increase in comparable sales for the quarter ended July 31, as strength in pro and home services sales and a 15.7% jump in online sales outweighed continued softness in DIY spending.
"Sustained growth in pro, online and home services led to our fifth consecutive quarter of positive comp sales, despite pressure in discretionary DIY spending," said Marvin R. Ellison, Lowe's chairman, president and chief executive officer.
Total sales reached $26.0 billion, up from $24.0 billion in the same quarter a year earlier. Net earnings were $2.4 billion, with diluted earnings per share holding flat at $4.27. Excluding $96 million in expenses tied to the company's acquisitions of Foundation Building Materials and Artisan Design Group, adjusted EPS rose 1.6% to $4.40. Both figures include an $0.11-per-share benefit from tariff refunds under the International Emergency Economic Powers Act.
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