Lowe's Q3 Net Jumps 26 Percent
November 20, 2013,
MOORESVILLE, N.C.-An upward track in both sales and margin brought Lowe's a 26 percent gain in third-quarter net income, to $499 million.
The home-improvement retailer's net sales were up 7.3 percent to $13 billion in the quarter, which ended on Nov. 1. This included a pickup of 6.2 percent in same-store sales. Robert Niblock, Lowe's chairman, president and CEO, attributed the increases in checkouts to the company's "improved collaboration and execution within a strengthening home improvement market."
Gross margin was up 26 basis points to 34.6 percent. Selling, general and administrative expenses increased 5.3 percent in dollars but were down 47 basis points as a percentage of sales, to 24.6 percent.
Other Articles By Author
HFN Launches Interactive Idea Book
HFN's DIGITAL EDITION
COVER STORY: HFN Turns 90
We commemorate HFN's 90th anniversary by paying tribute to the iconic retailer and supplier brands--and the people--that have helped the industry flourish, then and now.
ALSO IN THIS ISSUE:
- Up & Coming Leaders - The home industry is in capable and visionary hands as this year’s 40 Under 40 list attests. Today’s young leaders span all disciplines and varied levels of operation.
- Omnichannel Retailing - In the Mobile App World, Time is Money