Lowe’s still in the black

The US home improvement retailer Lowe’s recorded an increase of 4.7 per cent in sales in the first quarter (ended 30 April 2010) of its fiscal year. Sales amounted to US $ 11.8 bn. Like-for-like sales were up 2.4 per cent. Eleven new stores opened, bringing the total number of DIY stores operated by Lowe’s in the USA, Canada and Mexico to 1 721 at the end of the quarter. Four more stores are scheduled to open in the second quarter. The total number of new openings in 2010 will be 40 to 45.