Lowe’s closes with slight increase

DIY giant Lowe’s, number two in America and worldwide, closed the recent 2012/2013 business year (to 1 February 2013) with sales growth of 0.6 per cent to US $ 50.521 bn. Like-for-like sales saw growth of 1.4 per cent overall, and 1.5 per cent in the US home market. However, the fourth quarter was marked by shortfalls. The group of companies reported sales of US $ 11.046 bn, which is 5.0 per cent down on the same period of the previous year. Sales both in the USA and overall rose by 1.9 per cent in like-for-like terms. This admittedly was a knock-on effect from the 2012/2013 fiscal year and its fourth quarter numbering one week longer than usual. On the cut-off date the company had 1 754 DIY stores in operation in the United States, Canada and Mexico.