Lowe's Net Rises 9.6 Percent in Second Quarter
August 16, 2010,
MOORESVILLE, N.C.-Net income for Lowe's reached $832 million in the second quarter, up 9.6 percent from the second quarter of last year.
The home-improvement retailer logged net sales of $14.4 billion in the quarter, an increase of 3.7 percent, which included a 1.6 percent rise in same-store sales. Lowe's held the line on expenses. Selling, general and administrative rose 2.1 percent on a dollar basis in the quarter, but declined 34 basis points as a percentage of net sales. Total expenses edged up 1.8 percent on a dollar basis but dropped 48 basis points as a percentage of sales.
For the third quarter, Lowe's forecasted a 3 to 5 percent net sales increase, along with a same-store sales pickup of 1 to 3 percent.