New Highs for Lowe's

Lowe's Companies Inc. (Mooresville, N.C.) reported a 27.6 percent earnings increase in its fourth quarter ended Jan. 30, 2004.

Sales for the quarter increased 20.1 percent and same-store sales jumped 7.3 percent.

For its full fiscal year, Lowe's saw sales increase 18.1 percent and same-store sales increase 6.7 percent.

On January 30, the nation's second-largest home-improvement retailer completed the previously announced sale of 26 commodity-focused locations operating under the Contractor Yard name.

“This year's outstanding results are further evidence that Lowe's strategic course is a proven success,” chairman and ceo Robert L. Tillman. “Our employees' diligent efforts led to what was among the best two- year performances in all of retail. We're confident we have our finger on the pulse of consumer and business trends and will continue to build on our successful operating model to maintain our premier position in retailing well into the future.”

“Despite the weather-driven challenges we faced in the first quarter of 2003, our management team and dedicated employees kept their eye on the ball and delivered an outstanding year on top of a phenomenal performance in 2002,” said president Robert Niblock. “We continue to see strong results from our metro-market expansion, and our up-the-continuum merchandising strategy and branding initiatives continue to provide our customers the best products and services to meet their home improvement needs. The key ingredient in this formula remains our outstanding customer service, which we continue to deliver in an inspirational store environment.”

During the quarter, Lowe's opened 47 new stores (including one relocation). As of January 30, 2004, Lowe's operated 952 stores in 45 states representing 108.8 million square feet of retail selling space, a 14.8 percent increase over last year. The company said it expects to open 140 stores in 2004, reflecting total square footage growth of approximately 14 percent It also anticipates a 17 percent increase in total sales for the year and a 5-6 percent increase in same-store sales.