Lowe’s on track for growth

Lowe’s, the American DIY and home improvement chain, concluded its most recent fiscal year on 31 January 2014 with sales growth of 5.7 per cent. With volume sales of USD 53.417 bn, the company realized 4.8 per cent more than the previous year in like-for-like terms. Net income rose by 16.7 per cent to USD 2.286 bn. The rate of growth in the fourth quarter amounted to 5.6 per cent (3.9 per cent like-for-like) to USD 11.660 bn, just slightly below the average for the year. “When extreme winter weather arrived late in the quarter, our distribution network responded quickly and efficiently to move product to where it was most needed,” is how Robert A. Niblock, chairman, president and CEO of Lowe’s, described the situation. At the end of the period under consideration Lowe’s had 1 832 outlets in the USA, Canada and Mexico. The company has announced the opening of some 15 DIY stores and five hardware outlets during the 2014/2015 fiscal year that is already under way.