Two National Trends -- Shopping and Home Improvement Come Together In Lowe's Companies Record Earnings
(EMAILWIRE.COM, February 26, 2002 ) * Fourth Quarter Net Earnings Increased 55 Percent *
** Fourth Quarter Comparable Store Sales Increased 7.4 Percent **
***Fiscal 2001 Net Earnings Increased 26 Percent to $1.02 Billion ***
-- Retailers weathered last year's volatile stock market (see annual Shareholder Scoreboard in today's Wall Street Journal) and Lowe's Companies (NYSE: LOW) is no exception, as evidenced by record earnings announced today by the home improvement warehouse company with 744 stores nationwide. Lowe's attributes its strong performance to consumer's ongoing enthusiasm for investing in their homes and to the hard work of Lowe's employees.
Today, Lowe's Companies reported net earnings of $218.4 million for the quarter ended February 1, 2002, a 55.1 percent increase over the same period a year ago. Diluted earnings per share increased 55.6 percent to $0.28 from $0.18 in the fourth quarter of 2000. For fiscal 2001, net earnings grew 26.3 percent to $1.02 billion and diluted earnings per share increased 23.8 percent to $1.30.
Fourth quarter sales increased 15.6 percent to $5.3 billion for the 13-week period ended February 1, 2002, versus the 14-week period ended February 2, 2001. Sales at the company's comparable stores increased 7.4 percent during the quarter. Fiscal 2001 sales increased to $22.1 billion, a 17.7 percent increase for the 52-week period ended February 1, 2002 versus the 53-week period ended February 2, 2001. Comparable store sales increased 2.4 percent for the year.
During the quarter, Lowe's opened 16 new stores including 3 relocations. Three older, smaller stores were closed. For the year, Lowe's opened 115 new stores including 14 relocations. Seven older, smaller stores were closed during the year. As of February 1, 2002, Lowe's operated 744 stores in 42 states representing 80.7 million square feet, a 19.1 percent increase over last year.
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Produced for Lowe's
Contacts:
Shareholders analysts:
Paul Taaffe, 336/658-5239
Media:
Chris Ahearn, 336/658-7387
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** Fourth Quarter Comparable Store Sales Increased 7.4 Percent **
***Fiscal 2001 Net Earnings Increased 26 Percent to $1.02 Billion ***
-- Retailers weathered last year's volatile stock market (see annual Shareholder Scoreboard in today's Wall Street Journal) and Lowe's Companies (NYSE: LOW) is no exception, as evidenced by record earnings announced today by the home improvement warehouse company with 744 stores nationwide. Lowe's attributes its strong performance to consumer's ongoing enthusiasm for investing in their homes and to the hard work of Lowe's employees.
Today, Lowe's Companies reported net earnings of $218.4 million for the quarter ended February 1, 2002, a 55.1 percent increase over the same period a year ago. Diluted earnings per share increased 55.6 percent to $0.28 from $0.18 in the fourth quarter of 2000. For fiscal 2001, net earnings grew 26.3 percent to $1.02 billion and diluted earnings per share increased 23.8 percent to $1.30.
Fourth quarter sales increased 15.6 percent to $5.3 billion for the 13-week period ended February 1, 2002, versus the 14-week period ended February 2, 2001. Sales at the company's comparable stores increased 7.4 percent during the quarter. Fiscal 2001 sales increased to $22.1 billion, a 17.7 percent increase for the 52-week period ended February 1, 2002 versus the 53-week period ended February 2, 2001. Comparable store sales increased 2.4 percent for the year.
During the quarter, Lowe's opened 16 new stores including 3 relocations. Three older, smaller stores were closed. For the year, Lowe's opened 115 new stores including 14 relocations. Seven older, smaller stores were closed during the year. As of February 1, 2002, Lowe's operated 744 stores in 42 states representing 80.7 million square feet, a 19.1 percent increase over last year.
-------------------
Produced for Lowe's
Contacts:
Shareholders analysts:
Paul Taaffe, 336/658-5239
Media:
Chris Ahearn, 336/658-7387
-------------------
Contact Information:
Panasonic
Joseph Nchor
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Panasonic
Joseph Nchor
Tel:
Email us
This is a press release. Press release distribution and press release services by EmailWire.Com: http://www.emailwire.com/us-press-release-distribution.php.
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