Lowe's Q2 Net Up 10.4 Percent
August 20, 2014,
MOORESVILLE, N.C.-With home improvement continuing its upward trend, Lowe's logged a 10.4 percent jump in second-quarter net income, which totaled $1 billion.
Net sales in the quarter, which ended on Aug. 1, rose 5.7 percent to $16.6 billion, including a pickup of 4.4 percent in same-store sales. Along with the ongoing strength in home improvement spending, Robert Niblock, chairman, president and CEO, said Lowe's was able to recover most of the outdoor product sales lost to the severe weather conditions early in the first quarter.
Gross margin tacked on 20 basis points in the quarter, finishing at 34.6 percent. Selling, general and administrative expenses rose 3.7 percent in dollars but dropped 40 basis points as a percentage of sales, to 21.3 percent.