It was a strong fourth quarter for Lowe’s as the home improvement retailer reported double-digit sales gains for the final three months of its fiscal year.
For the period ended February 3, the company reported fourth quarter sales of $15.8 billion, an increase of 19.2% over the comparable quarter the previous year. Quarterly comparable store sales increased 5.1%.
“We leveraged our omnichannel platform, customer experience design capabilities, and project expertise to drive strong holiday performance and capitalize on broad-based project demand throughout the quarter,” said Robert Niblock, Lowe’s chairman, president and CEO.
On an annual basis, sales were $65 billion, a 10.1% increase over the prior fiscal year. Yearly same-store sales were up 4.2%.
Fourth quarter net earnings were $663 million and diluted earnings per share were $0.74 compared to net earnings of $11 million and diluted earnings per share of $0.01 in the fourth quarter of 2015. Annual net earnings were $3.1 billion, up from $2.5 billion in the prior year. Yearly diluted earnings per share were $3.47 up from diluted earnings per share of $2.73 in the prior year.
