Mooresville, N.C. – Customer interest in core home improvement categories helped lift profits at Lowe’s Companies Inc. during the fourth quarter and fiscal year 2013.
Lowe’s fourth quarter earnings rose 6% to $306 million from $282 million in the year-ago period. Full year net earnings climbed 17% to $2.29 billion from $1.96 billion.
Quarterly net sales grew 5.5% to $11.66 billion from $11.04 billion. Annual net sales increased 6% to $53.41 billion from $50.52 billion. Same-store sales rose 3.9% during the quarter and 4.8% during the year.
Looking ahead, during fiscal 2014 Lowe’s plans to open approximately 15 home improvement stores and five neighborhood hardware stores. The retailer expects total sales to increase 5% and same-store sales to grow 4%.
"I am pleased with the progress we made throughout 2013, and would like to thank our employees,” said Robert A. Niblock, Lowe's chairman, president and CEO. “They have shown unrelenting determination to provide outstanding service to customers every day in each market we serve, as we transform our company. During the quarter, we delivered solid performance in core home improvement categories, balancing softer sales of seasonal gifts and holiday decorations. When extreme winter weather arrived late in the quarter, our distribution network responded quickly and efficiently to move product where it was most needed.”