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Lowe's Companies Q4 FY19 net earnings leap to $509 mn
17 Mar 20 1 min read
Lowe's Companies, a US-based home improvement retail company, reported net earnings of $509 million in fourth quarter (Q4) FY19 compared to a net loss of $824 million in same quarter prior year. Sales in Q4 were $16.0 billion (Q4 FY18: $15.6 billion). Sales in full FY19 ended on January 31, 2020, rose marginally to $72.1 billion (FY18: $71.3 billion).
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"In the fourth quarter, we delivered profitability that exceeded our expectations given strong expense management, improving gross margin and enhanced process execution. Our sales growth was driven almost entirely by our US brick and mortar stores, supported by our investments in technology, store environment and the Pro business," Marvin Ellison, Lowe's president and CEO, said in a press release.
"We have a detailed road map in place to modernise our e-commerce platform and accelerate Lowes sales, which combined with the sales productivity improvement in our physical stores, underscores our opportunity to unlock additional growth," Ellison said.
Net earning over the year increased to $4.2 billion (FY18: $2.3 billion). Operating income in the quarter jumped to $958 million compared to a loss of $567 million in same quarter prior year. Operating income over the year increased to $6.3 billion (FY18: $4.0 billion).
Fibre2Fashion News Desk (JL)
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