by Home improvement retailer also reports increase in net income for Q4 exceeding $1B
MOORESVILLE, N.C. — Home improvement retailer Lowe’s Cos. reported an increase in net income that drove its earnings above $1.1 billion for the quarter and to nearly $7 billion for the full fiscal year ended Jan. 31.
The company reported quarterly net income of $1.13 billion, or $6.06 per share, compared with net income of $1.02 billion, or $5.48 per share, the same period last year. For the full year, its net income totaled $6.9 billion, or $8.31 per share, compared with $7.7 billion, or $8.95 per share, for the same 12-month period ended Feb. 2 of last year.
For the quarter, net sales were down slightly to $18.55 billion, compared with $18.6 billion a year earlier. The company said that comparable sales for the quarter rose 0.2%, “driven by high-single-digit Pro and online comparable sales, strong holiday performance and rebuilding efforts in the wake of recent hurricanes, partially offset by continued near-term pressure in DIY discretionary spending.”
For the full year, net sales totaled $83.7 billion, down 3.1% from $86.4 billion the same 12-month period ended Feb. 2, 2024.
“Our results this quarter were once again better than expected, as we continue to gain traction with our Total Home strategic initiatives,” said Marvin R. Ellison, Lowe’s chairman, president and CEO. “We remain confident in the long-term strength of the home improvement industry, and we are equally confident in our strategy to capitalize on the expected recovery. We are also pleased to award $80 million in discretionary bonuses to our front-line associates in recognition of their hard work and dedication to delivering excellent customer service.”
Other highlights of the report were as follows:
+ For the quarter, the company reported operating income of $1.83 billion, or 9.87% of sales, compared with $1.7 billion, or 9.07% of sales, the same period last year.
+ For the full year, it reported operating income of $10.5 billion, or 12.5% of sales, compared with $11.6 billion, or 13.4% of sales, the prior fiscal year.
+ Its gross margin for the quarter was $6.1 billion, or 32.9% of sales, compared with $6.02 billion, or 32.4% of sales, the same period last year.
+ For the full year, its gross margin was $27.9 billion, or 33.3% of sales, compared with $28.8 billion, or 33.4% of sales, the prior fiscal year.
+ As of Jan. 31, the company operated 1,748 stores representing 195 million square feet of retail selling space.
Furniture is among the core categories Lowe’s sells on its website, www.lowes.com. In addition to bedroom, dining room and living room furniture, its products include bedding, lighting and home accents.
Customers can purchase products online and pick them up in the store or have them delivered directly to their home.
In 2023, the latest full year for which data was available, Lowe’s had furniture and bedding sales of $700 million, placing it at No. 30 on Home News Now’s 125 listing of furniture and bedding retailers for 2023.
