Lowe’s goes 11 for 12 in third quarter
Lowe’s CEO Robert Niblock said the Mooresville, N.C.-based retail giant saw strength in all parts of the country in the third quarter.
As the company reported 6.2% comparable store sales gains, it also saw comps grow in 11 of 12 product categories.
The only category to slip was outdoor power equipment. Niblock explained the catgory “was achieving solid positive comps into the last week of the quarter when faced with a substantial headwind from the sales of generators, the result of Superstorm Sandy.”
Lowe’s saw double-digit comp performance in Florida, as well as “particular strength” in Arizona and California, he said.
In Lowe’s Q3 earnings report, the company also reported a net income gain of 26% to $499 million.
“Our most recent consumer sentiment studies suggest that consumers are adopting a more resilient mindset and as a result, embracing a broader perspective,” Niblock said.
Lowe’s said it was especially pleased with performance in large project categories. Chief Customer Officer Greg Bridgeford said: “The strength of these large project categories reflects an emerging willingness among consumers to finally replace items that are worn or outdated or to make significant enhancements to their homes.”
Fashion fixtures and paint were two other high-performance areas of the store, Bridgeford said.