Lowe’s profit dips in Q2, closed seven stores on Sunday
Mooresville, N.C. — Lowe’s Cos. reported Monday that profit for the quarter ended July 29 was $830 million, down from $832 million in the year-ago period. The home improvement retailer closed seven underperforming stores on Sunday and trimmed its earnings forecast for the year.
“Despite some recovery in our seasonal business, our performance for the quarter fell short of our expectations," said Robert A. Niblock, CEO.
Net sales edged up 1.3% to $14.5 billion; same-store sales dipped 0.3%.
During the quarter, Lowe’s opened two stores, and said it expects to open about 25 stores in 2011, representing average sq. ft. growth of 1.3%.
Barneys go Gaga for the holidays
NEW YORK — Barneys New York, announced that it has partnered with Lady Gaga for its 2011 holiday campaign.
According to a company press release, Barneys will convertan entire floor of its Madison Avenue flagship in New York City into a dedicated space for the holiday initiative. Starting in mid-November, "Gaga’s Workshop" will be brought to life throughout the fifth floor of the Men’s Store at the Madison Avenue flagship, and will also be supported in the store’s iconic Madison Avenue windows, the company reported.
Lady Gaga has worked with Barneys to designa range of exclusive, limited-edition, small gift items, which will be available for a limited time only at Gaga’s Workshop. In addition to Gaga’s Workshop in New York, a selection of items from the collection will also be available at Barneys New York locations nationwide and online at Barneys.com.
Barneys New York said it will donate 25% of sales from all items featured in Gaga’s Workshop to a charity of Lady Gaga’s choice in honor of this special program and in the spirit of the holiday season.
"Lady Gaga is a rare cultural phenomenon, not only because of her exceptional talents as a singer, songwriter and performer, but also with regard to her support of equality and individuality and status as a fashion icon," said Mark Lee, Barneys New York CEO. "Partnering with her in this unprecedented collaborative way to create the largest and most all-encompassing holiday theme that Barneys has ever mounted is a thrill. As a New York City landmark, we wanted to celebrate Lady Gaga as a fellow New Yorker and amazing talent."
Lowe’s Q2 falls short of expectations
MOORESVILLE, N.C. —Lowe’s reported sales of $14.5 billion in the second quarter ended July 29, up 1.3% from the same period a year ago.
Comparable-store sales increased 0.3% in the second quarter. The company posted earnings for the quarter of $830 million, down just slightly from $832 million in the same quarter last year.
“Despite some recovery in our seasonal business, our performance for the quarter fell short of our expectations,” commented Robert Niblock, Lowe’s chairman, president and CEO. “We are working diligently to improve sales and profitability in the near term in a way that we believe will generate sustained customer preference and shareholder value. We are also building momentum in 2011 behind our longer-term commitment to deliver even better customer experiences.”
During the quarter, Lowe’s opened two stores. As of July 29, 2011, Lowe’s operated 1,753 stores in the United States, Canada and Mexico, representing 197.6 million sq. ft. of retail selling space, a 1.5% increase over last year.