Trex Co. sales jump 38%
Winchester, Va.-based Trex Company reported fourth-quarter sales of $63.8 million, an increase of 38% over the same quarter last year.
“We brought 2013 to a very strong finish,” said chairman, president and CEO Ronald W. Kaplan. “Expanded distribution and dealer demand across the country contributed significantly to sales and are helping us advance a key initiative — increasing market share.”
For the three months ended Dec. 31, the company reported net income of $15.1 million, compared to a net loss of $3.6 million in last year’s fourth quarter.
Kaplan said the improving economy and the market acceptance of Trex’s “good, better, best” platforms were key drivers to full year growth. In 2013, net sales increased 11% to $343 million. Full-year net income increased to $34.6 million, up from $2.7 million in 2012.
Trex also announced a two-for-one stock split, the first stock split in the company’s history.
Lowe’s posts Q4 sales and earnings growth
Mooresville, N.C.-based Lowe’s reported fourth quarter sales of $11.7 billion, up 5.6% from the same quarter last year, as comps increased 3.9%.
The company posted fourth-quarter net earnings of $306 million, up 6.3%.
"During the quarter, we delivered solid performance in core home improvement categories, balancing softer sales of seasonal gifts and holiday decorations,” said CEO Robert Niblock. “When extreme winter weather arrived late in the quarter, our distribution network responded quickly and efficiently to move product where it was most needed.”
For the full year, sales reached $53.4 billion, a 5.7% increase over 2012 sales. Comps for the year finished at positive 4.8%, as net income surged16.7% to $2.3 billion.
As of Jan. 31, Lowe’s operated 1,832 stores in the U.S., Canada and Mexico.
Lowe’s report followed a day after rival Home Depot posted a fourth quarter comp-store sales gain of 4.4%.
Looking ahead, Lowe’s expects total sales for fiscal 2014 to increase about 5%, and comparable store sales to increase about 4%. The company expects to open about 15 home improvement stores and five Orchard Supply hardware stores.
Niblock added that he was pleased with the progress Lowe’s made during 2013 and that the retailer continues to “transform.”