High profit growth for Lowe’s

The second quarter to 1 August went very successfully for Lowe’s, the number two DIY retailer in the USA. Sales were up by 17.2 per cent to US $ 8.88 bn (6.9 per cent in like-for-like terms) when compared with the same period last year. Net profit increased by 27.8 per cent to US $ 597 mio. According to a statement from Robert L. Tillman, chairman and chief executive officer, sales increases were recorded in all product categories and in every region of the country. In the period under consideration Lowe’s opened 24 new stores, closed one location and, at the end of the quarter, was operating 896 stores in 45 states with a combined retail area of 9.3 mio m².