Lowe’s reports like-for-like growth

Lowe’s, the world’s second largest DIY and home improvement company, reports sales of US $ 13.153 bn in the first quarter of the current fiscal year (to 4 May 2012). That comes to 7.9 per cent more than the same period last year. However, 4.2 percentage points are attributable to the fact that the 2011 fiscal year had a total of 53 weeks. In the first quarter Lowe’s achieved an overall increase of 2.6 per cent like-for-like, and of 2.7 per cent in the US home market.The company had 1 747 DIY stores in operation on the closing date. Around ten new outlets are to be added during this current year.The personnel cuts announced for headquarters at a cost of US $ 17 mio resulted in a reduction of the company’s pre-tax profit of US $ 850 mio – or 6.46 per cent more than in the same period last year.