Big-box home improvement chain Lowe’s has announced its second-quarter 2019 financial results.
In total, the company reported net earnings of $1.7 billion in the second quarter. This figure represents an 8 percent decrease over its second-quarter 2018 earnings of $1.86 billion. In the first quarter of 2019, Lowe’s reported net earnings of $1.0 billion.
Sales for the second quarter of 2019 were $21.0 billion, up 0.5 percent from the same period in 2018. Comparable sales in the U.S. increased by 3.2 percent.
The company also noted “$14 million of pretax operating losses” due to its closure of its operations in Mexico.
Marvin Ellison, the company’s president and CEO, credits a variety of factors for the chain’s second-quarter performance.
“We capitalized on spring demand, strong holiday event execution and growth in paint and our pro business to deliver strong second-quarter results,” Ellison says. “Despite lumber deflation and difficult weather, we are pleased that we delivered positive comparable sales in all 15 geographic regions of the U.S.”
As of August 2019, Lowe’s operates more than 2,000 home improvement locations in the U.S. and Canada.
Earlier this month, Lowe’s announced its decision to lay off thousands of associates who oversaw product assembly.