Lowe’s financial results, announced Feb. 28, indicate a mixed bag for the company. The home improvement retailer gave information on its fourth-quarter 2017 earnings and for the entire fiscal year.
Lowe’s recorded $15.5 billion in sales in the fourth quarter of 2017, down nearly 2 percent from 2016 levels. Comparable store sales increased 4.1 percent, the company says.
For the fiscal year, sales were $68.6 billion compared to $65 billion in the 2016 fiscal year. This represents a 5.5-percent increase for Lowe’s.
Robert A. Niblock, Lowe’s chairman, president and CEO, attributed success in 2017 to many factors, including “compelling consumer messaging, strong holiday event performance” and “integrated omnichannel customer experiences.”
“As we enter 2018, we are working diligently to improve execution with a focus on conversion, gross margin, and inventory management. Given the rapidly evolving competitive landscape, we are also accelerating our strategic investments leveraging the benefits of tax reform. We continue to build the capabilities required to deliver simple and seamless experiences and strengthen our position as the omnichannel project authority,” Niblock says.
Lowe’s has also strengthened its decades-long partnership with Sherwin-Williams, CNBC reports. Lowe’s will now be the only nationwide home center to offer Sherwin-William’s Minwax, Cabot and Thompson’s Water Seal products.
Lowe’s currently operates 2,152 home improvement and hardware stores in the U.S., Canada and Mexico, which amounts to nearly 215 million square feet of retail space, the company reports.