Lowe’s Q1 net income edges up as spending rises
New York City Lowe’s Cos. said Monday its net income rose 2.7% in the first quarter as people spent more money on home-improvement projects and bought more big-ticket items.
The company said it earned $489 million in the three-month period ended April 30. Last year the company earned $476 million in the same period.
Home-improvement retailers have been hurting in the weak economy as shoppers cut back on their spending to focus on only essentials. However, CEO Robert Niblock said in a statement people are again taking on projects and buying big-ticket items. Government stimulus programs including tax credit for homebuyers and rebates for energy-efficient products and warmer weather also helped results, he said, but added this doesn’t mean a full rebound is in sight.
“While we are optimistic we will experience solid demand through the balance of the year, we view 2010 as a year of transition for our industry,” he said in a statement.
The company opened 11 stores in the quarter to finish with 1,721 in North America.
Kohl’s announces advertising deal with Oprah Winfrey Network
LOS ANGELES Kohl’s Department Stores announced that it has struck an advertising partnership with OWN: The Oprah Winfrey Network for the original series “Your OWN Show: Oprah’s Search For The Next TV Star.” Kohl’s will sponsor the series, which is executive produced by Mark Burnett.
The partnership with Kohl’s will include a “presenting sponsorship” position for Kohl’s for “Your OWN Show: Oprah’s Search For The Next TV Star,” paid media, integrations, online and on-air exposure, tagged tune-ins and publicity. Unique to the partnership, a series of short, co-branded vignettes, specially created for the series, will air both within and outside of “Your OWN Show: Oprah’s Search For The Next TV Star.”
“We are incredibly excited to partner with OWN for this debut television series, ‘Your OWN Show: Oprah’s Search For The Next TV Star,'” said Julie Gardner, EVP and chief marketing officer for Kohl’s Department Stores. “This multi-faceted integration will span across several mediums and is designed to reach our shared consumer in a way that is fresh, fun and relevant.”
The winner of the competition will be awarded his or her own studio talk show for the OWN network. Online auditions to participate in the series begin May 14 at Oprah.com, as announced today on “The Oprah Winfrey Show.”
Kohl’s donates $25K for tornado relief
MENOMONEE FALLS, Wis. Kohl’s Department Stores has announced a $25,000 cash donation to the American Red Cross in response to the recent tornadoes and severe weather that caused widespread damage throughout Oklahoma and Kansas.
In addition to a financial contribution, Kohl’s said it is encouraging its associates to volunteer in support of cleanup efforts through its A-Team associate volunteer program. In recognition of volunteer hours, Kohl’s will donate corporate grants to the nonprofit organizations being supported by Kohl’s associates.
“Thousands of families in the Oklahoma and Kansas communities we serve were impacted by destructive tornadoes and severe weather,” said Julie Gardner, Kohl’s EVPand chief marketing officer. “During this difficult time, we hope our financial assistance and volunteer service brings some relief to those affected throughout the area.”