Lowe's reports record earnings

Lowe's, the number two DIY retailer in the USA, recorded sales of US $ 10.8 bn in the fourth quarter, which amounts to an increase of 26.4 per cent (7.8 per cent like-for-like) over the corresponding period in the previous year. Earnings rose by 36.8 per cent to US $ 695 mio during the same period. The company reports sales growth of 18.6 per cent to US $ 43.2 bn for the completed financial year 2005, or 6.1 per cent in like-for-like terms. It managed to grow net earnings by 27.3 per cent to US $ 2.77 bn.
Lowe's inaugurated 64 new stores in the fourth quarter. Its store portfolio comprised 1 234 outlets with a combined floorspace of 13 mio m² at the end of the financial year. This amounts to floorspace growth of 13.2 per cent over the previous year.
(US $ 1 = € 0.8418)