Lowe's Posts Solid Q4

For the fourth quarter ended January 29, Lowe's posted net earnings of $11 million, or one cent per diluted share, versus $450 million, or 46 cents per diluted share, in the period a year earlier.

With a charge related to the company's decision to exit a joint venture in Australia excluded, adjusted net earnings for the fourth quarter were $541 million, up 20.2% from the period a year earlier, and adjusted diluted earnings per share were 59 cents versus 46 cents in the year-previous quarter.

Comparable store sales gained 5.2% in the quarter year over year. Net sales for the fourth quarter were $13.24 billion versus $12.54 billion in the year-ago period.

Diluted earnings per share paced a Thomson Reuters analyst average estimate and sales surpassed the Wall Street expectation.

For the full fiscal year, net earnings were $2.55 billion, or $2.73 per diluted share, versus $2.7 billion, or $2.71 per diluted share, in the year earlier.

With the impact of the aforementioned charge excluded, adjusted net earnings were $3.1 billion, up 14% from the fiscal year prior, and adjusted diluted earnings per share increased 21.4% to $3.29.

Comps advanced 4.8% for the full fiscal year versus the one previous. Net sales for the full fiscal year were $59.07 billion versus $56.22 billion in fiscal 2014.

"I am pleased that we delivered another solid quarter, driving increased traffic through competitive offers and creating strong value for customers," said Robert Niblock, Lowe's chairman, president and CEO. "We capitalized on increased demand for exterior products as a result of warmer weather, while at the same time helped customers tackle interior projects, allowing us to deliver positive comps in all product categories. In 2016, we will continue to leverage the favorable macroeconomic backdrop for home improvement, providing customers with complete solutions for their home improvement projects."

Lowe's operates 1,857 home improvement stores.