Headlines

No Improvement at Home

Lowe’s reports lower profits in 4Q as housing market slows

Published

18 years ago

February 23, 2007

admin1

Lowe's Cos. Inc. (Mooresville, N.C.) reported an 11.5 percent drop in profits for its fourth quarter ended Feb. 2, 2007.

Sales declined 3.7 percent in the period. Same-store sales fell 5.3 percent.

“Sales continued to be pressured by a slowing housing market, tough comparisons to last year's hurricane recovery and rebuilding efforts and significant deflation in lumber and plywood prices,” said chairman and ceo Robert Niblock.

For fiscal 2006, net earnings grew 12.3 percent. Sales increased 8.5 percent. Same-store sales were flat.

Lowe’s announcement came just a few days after The Home Depot Inc. (Atlanta), its main rival in the home-improvement retail market, reported a 28 percent drop in profits for its fourth quarter and a 2 percent drop in sales.

MasterClass: ‘Re-Sparkling’ Retail: Using Store Design to Build Trust, Faith and Brand Loyalty

HOW CAN WE EMPOWER and inspire senior leaders to see design as an investment for future retail growth? This session, led by retail design expert Ian Johnston from Quinine Design, explores how physical stores remain unmatched in the ability to build trust, faith, and loyalty with your customers, ultimately driving shareholder value.

Presented by:
Ian Johnston
Founder and Creative Director, Quinine Design