Like-for-like growth nearly into double figures

Lowe’s like-for-like sales grew in the first quarter (ended 30 April 2004) of the current year by 9.9 per cent. Net sales increased in all by 22 per cent compared with the same period last year to US$ 8.68 bn (€ 7.23 bn), with net profits improving by 8.1 per cent to US$ 455 mio (€ 379 mio). The positive trend extended to all product groups and regions, according to the company.
During the first quarter, Lowe’s closed one store and opened 29 new outlets, ending the quarter with 980 stores trading. A further 19 stores are due to open in the second quarter, with the total number set to increase by 140 this year. Lowe’s, the world’s second largest home improvement retailer, is aiming to increase sales by 18 per cent, with like-for-like sales rising by six to seven per cent.