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Lowe’s growth is much weaker in second quarter

Lowe's has capitalised on spring demand in the second quarter, the quarter report says.

Lowe's has capitalised on spring demand in the second quarter, the quarter report says.

Lowe's, the second largest DIY chain in the USA and the world, recorded significantly lower growth rates in the second quarter (ending 2 August 2019) than at the start of financial year 2019/2020. Sales in this period rose by only 0.5 per cent to USD 20.992 bn compared to the same period last year. Like-for-like sales increased by 2.3 per cent overall, in the USA by 3.2 per cent.

In the first half of the year sales totalled USD 38.733 bn. The growth rate amounted to 1.2 per cent.

Marvin R. Ellison, president and CEO, commented that they had capitalised on spring demand, strong holiday event execution and growth in paint and their pro business. He said that despite lumber deflation, comparable sales in all 15 geographic regions of the USA were positive. He summarised that their transformation of the company was ongoing and "our future is bright".

|27 August 2019


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