Lowe’s Q4 net income up 39%
Mooresville, N.C. — Lowe’s reported a 39% increase in fiscal fourth-quarter earnings to $285 million, up from $205 million a year earlier.
Sales grew 3% in the latest quarter to $10.5 billion. Same-store sales rose 1.1%.
For fiscal 2010, net income grew to $2 billion, from $1.8 billion in fiscal 2009. Sales grew to $48.8 billion from $47.2 billion.
The company expects to open 25 to 30 stores in 2011.
“While uncertainty in the market remains, the economic recovery is continuing,” CEO Robert Niblock said. “We are committed to delivering better customer experiences and expect to grow market share in 2011 as we make continued progress on our key initiatives.”
Saks swings to profit in Q4
New York City — Saks returned to profitability in its fiscal fourth quarter as the chain sold more items at full-price and used fewer promotions. The company reported net income of $25 million for the period ended Jan. 29, compared with a loss of $4.6 million a year earlier.
Revenue rose 7% to $866.3 million, topping Wall Street’s estimate of $854.4 million. Same store sales were up 8.4%.
RadioShack profit drops 25% in Q4
Fort Worth, Texas — RadioShack Corp. on Tuesday said its fourth-quarter net income fell by 25%, which was toward the low end of the company’s already reduced guidance.
The company reported net income of $57 million in the October to December period, down from $75.7 million a year ago.
Revenue rose nearly 4% to $1.37 billion from $1.32 billion last year, matching analyst expectations and the company’s forecast. Same-store sales rose 1.3%, driven primarily by higher postpaid wireless sales, particularly sales of smart phones. Higher sales of prepaid wireless handsets, laptops and wireless accessories also contributed to the increase.
RadioShack said it expects operating income from its kiosks segment will decline by about $10 million to $15 million in 2011, reflecting the impact of ramping up its new kiosks in Target stores and discontinuing its ones in Sam’s Club stores. Growth is expected to resume in 2012.
RadioShack had warned in January that poor sales of T-Mobile USA phones and a shift towards cheaper phones hurt its fourth-quarter performance. RadioShack said it has informed T-Mobile that the company considers it to have "materially breached" its contract.