The second largest home improvement retailer reportednet earnings of $2.2 billion for the fiscal year endedJanuary 28, 2005, an increase of 18% over last year,while Atlanta-based Home Depot's net earnings wereincreased only 14% to $5 billion.
Similarly, Lowe's sales increased 18.2% to $36.5billion, while Home Depot reported an increase insales of 12.8%. Lowe's also outperformed Home Depot on comparable store sale basis, posting an increase in same store sales of 6.6% compared to Home Depot's 5.4%.
In particular, Lowe's numbers were driven by cabinetand countertops sales, which posted double-digitincreases in 2004, as well as appliance sales, whichgrew in the high single-digits, says Lowe's chairman,president & CEO Robert Niblock,.
During 2004, Lowe's completed the roll out of its "do-it-for-me" installation services. The installation component grew 27% in 2004 and is expected to grow faster than any other Lowe's initiative in the future, Niblock says.
Lowe's strong growth continues to be driven by itsexpansion. The retailer opened the most stores in itshistory – 140 – and is planning to open 150 storesthis year. The retailer now operates in 48 statesafter opening its first stores in Maine, Minnesota and Wisconsin in 2004.
Lowe's currently operates 1,087 stores across thenation for a total of 123.7 million sf, an increase of13.8% over last year.
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