Lowe's Highs

Lowe's Companies Inc. (Wilkesboro, N.C.) reported record net earnings of $319.4 million for the quarter ended Jan. 31, 2003, a 46.2 percent increase over the same period a year ago.

Sales for the quarter increased 16.5 percent, and same-store sales increased by 4.1 percent.

For fiscal 2002, sales increased 19.8 percent and same- store sales increased 5.6 percent.

“In 2002, amidst a backdrop of economic uncertainty, Americans continued to invest in their largest asset, their homes,” said chairman and ceo Robert Tillman. “Throughout the year, we continued to experience consistent performance across all regions and all product categories [resulting in] the best year in Lowe's history.

“The year ahead holds challenges,” continued Tillman, “but many signs point to a strong home improvement market. . . . I'm optimistic that the home improvement consumer will remain resilient.”

During the quarter, Lowe's opened 37 new stores, including 6 relocations. For the year, the retailer opened 123 new stores, including 11 relocations. Two older, smaller stores were closed during the year.

For its first quarter of 2003 (ending April 30, 2003), the company expects to open 20 stores, reflecting square footage growth of approximately 13 percent, and looks for a total sales increase of approximately 15 percent and a same-stores sales increase of 2 to 4 percent.

For fiscal 2003, the company said it expects to open 130 stores, reflecting total square footage growth of 15 to 16 percent, and looks for a total sales increase of approximately 16 to 17 percent and a same-store sales increase of 4 to 5 percent.

As of Jan. 31, 2003, Lowe's operated 854 stores in 44 states representing 94.7 million square feet, a 17.4 percent increase over last year.