Lowe’s Companies, Inc. today reported net earnings of $673 million for the quarter ending May 1, a 7.8 percent increase over the same period a year ago.
Sales for the first quarter increased 5.4 percent to $14.1 billion, up from $13.4 billion in the first quarter of 2014. Comparable sales for the quarter increased 5.2 percent.
“I am pleased that we executed well and delivered another strong quarter,” says Robert A. Niblock, Lowe’s chairman, president and CEO. “We generated comparable sales growth in all regions of the country and across all product categories, driving strong earnings per share growth.”
Delivering on its commitment to return excess cash to shareholders, the North Carolina company repurchased $1 billion of stock under its share repurchase program and paid $222 million in dividends in the first quarter.
As of May 1, Lowe’s operated 1,843 home improvement and hardware stores in the U.S., Canada and Mexico representing 201.2 million square feet of retail selling space.
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