Lowe’s Companies, Inc. (NYSE: LOW), the world’s second largest home improvement retailer, today reported net earnings of $941 million for the quarter ended August 2, 2013, a 26.0 percent increase over the same period a year ago. Diluted earnings per share increased 37.5 percent to $0.88 from $0.64 in the second quarter of 2012. For the six months ended August 2, 2013, net earnings increased 16.2 percent from the same period a year ago to $1.48 billion, and diluted earnings per share increased 27.1 percent to $1.36.
Sales for the quarter increased 10.3 percent to $15.7 billion from $14.2 billion in the second quarter of 2012, and comparable sales for the quarter increased 9.6 percent. For the six month period, sales were $28.8 billion, a 5.1 percent increase over the same period a year ago, and comparable sales increased 4.6 percent.
“Home improvement demand was strong during the quarter, and we capitalized on it with improving execution. I’d like to thank our employees for their hard work and continued dedication to serving customers,” commented Robert A. Niblock, Lowe’s chairman, president and CEO. “We drove a healthy balance of ticket and transaction growth, and delivered solid performance across all product categories.”
Delivering on the commitment to return excess cash to shareholders, the company repurchased $1.0 billion of stock and paid $174 million in dividends in the quarter. For the six month period, the company repurchased $2.0 billion and paid $352 million in dividends.As of August 2, 2013, Lowe’s operated 1,758 stores in the United States, Canada and Mexico, representing 197.7 million square feet of retail selling space. A conference call to discuss second quarter 2013 operating results is scheduled for today (Wednesday, August 21) at 9:00 am ET. The conference call will be available through a webcast and can be accessed by visiting Lowe’s website at www.Lowes.com/investor and clicking on Lowe’s Second Quarter 2013 Earnings Conference Call Webcast. Supplemental slides will be available fifteen minutes prior to the start of the conference call. A replay of the call will be archived on Lowes.com/investor until November 19, 2013. Lowe’s Business Outlook