“The best year in Lowe’s history”

Lowe’s has reported an increase in sales of 19.8 per cent for the financial year 2002/2003 (ending 31 January 2003). An increase of 5.6 per cent was recorded in comparable store sales, with the total volume of sales for the year amounting to $26.5 bn (24.5 bn €). Net earnings rose by 43.8 per cent to $1.47 bn (1.36 bn €). Robert L. Tillman, Lowe’s chairman and CEO, spoke of “the best year in Lowe’s history”. The fourth quarter was slightly below average, with an increase in sales of 16.5 per cent and like-for-like sales up by 4.1 per cent. Following 123 new store openings, including 11 relocations, and two store closures during the year, the number two home improvement retailer in the US market is stepping up the pace and plans to open 130 new DIY stores in the next twelve months. As of January 31, 2003, Lowe’s had 854 outlets covering a retail area of 8.8 mio m2 (17.4 per cent more than the previous year). This area is expected to grow by a further 15 to 16 per cent. The sales forecast for 2003 is for 16 to 17 per cent and for comparable store sales, four to five per cent.