News

Lowe’s net income surges 76% in Q3

BY HBSDealer Staff

Mooresville, N.C.-based Lowe’s reported third-quarter net income of $396 million, up 76% from earnings of $225 million a year ago. Revenues increased 2% to $12.07 billion, ahead of consensus estimates of $11.93 billion.

We are keenly focused on improving our core business, commented Robert A. Niblock, Lowes chairman, president and CEO. Our level of execution is improving and we delivered solid results in the third quarter."

Same-store sales increased 1.8% for both U.S. stores and all stores.

For the full year, the company said total sales are expected to be about flat, but 2011 had an extra week in the calendar. On a 52-to-52 week basis, total sales are expected to increase approximately 2%.

The company expects comparable store sales to increase approximately 1% (on a 52 versus 52 week basis).

Lowe’s has 1,750 stores in North America. The retailer said its expects to open approximately 10 stores in fiscal year 2012.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

POLLS

On Friday, the Trump administration ramped up its trade dispute with China, announcing $50 billion in tariffs. What is the most likely outcome of this move. (Choose up to 3)
News

HD board member resigns

BY HBSDealer Staff

Ronald Sargent has resigned from the Home Depot board of directors, effective immediately, according to a filing with the U.S. Securities and Exchange Commission (SEC). Sargent did not cite any disagreement on any matter relating to the company’s operations, policies or practices, according to the SEC statement. 

Sargent joined the Home Depot board in 2011, after having served as CEO of Staples since 2002. He also held executive positions at Kroger Co., where he currently serves as a director. Other public companies where Sargent has served as a director since 2006 include Mattel, The Yankee Candle Co., and Aramark Corp.  

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

POLLS

On Friday, the Trump administration ramped up its trade dispute with China, announcing $50 billion in tariffs. What is the most likely outcome of this move. (Choose up to 3)
News

Nine chosen for Best Products awards at DA/PRO Group conference

BY Brae Canlen

Distribution America and PRO Group, Inc. presented the following awards during the Executive Planning Conference, held Nov. 12-14 in Tucson, Ariz. 

Best New Product awards went to:

Electrical: Designer’s Edge – Rechargeable Work Light w/ 24 Hi-Intensity LEDs

Hand tools: Goldblatt Tools – Ram Rod Impact Tool w/ 1” Chisel Bit

Housewares/seasonal: Newell Rubbermaid – 32 Gallon Brute Trash Can w/ Lid

Hardware: Hampton Products – 15’ Retractable Tow Strap

Lawn & garden/pet: H.D. Hudson Manufacturing Co. – Ortho Spray Sense 2 Gallon Sprayer

Paint: Louisville Ladder, Inc. – DeWalt 6’ Fiberglass Stepladder

Plumbing: PlumbConnect International – 4’ Burst Alert Washing Machine Hose

Power tools: Deltran Corporation – Battery Tender Junior

Overall product award: Jack Link’s Beef Jerky – All American Big Dippers

Distribution America also named its Vendors of the Year:

Electrical: Coleman Cable, Inc.

Paint and paint sundries: 3M Co.

Hardware: Midwest Fastener

Hand and power tools: Irwin Tools/Lenox

Plumbing: Genova Products, Inc.

Lawn and garden: Hudson

2012 Soaring Eagle Vendor Partnership Award: Midwest Fastener

PRO Group, Inc. Key Suppliers of the Year:

Tools: Custom LeatherCraft Mfg. Co.

Plumbing: Genova Products, Inc.

Hardware: Master Lock Company

Paint sundries: DAP, Inc.

Electrical: Dorcy International, Inc.

Seasonal: Ames True Temper

Key Supplier of the Year: Coleman Cable, Inc.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

POLLS

On Friday, the Trump administration ramped up its trade dispute with China, announcing $50 billion in tariffs. What is the most likely outcome of this move. (Choose up to 3)