Big-box home improvement chain Lowe’s has released its financial results for the fourth quarter of 2019, indicating sales growth compared to the same period in 2018.
In total, Lowe’s posted $16 billion in fourth-quarter 2019 sales, up 2.5 percent from the same period in 2018. Comparable sales grew 2.5 percent and rose 2.6 percent for Lowe’s U.S. locations.
The company amassed $509 million in net earnings for the period, a major increase from the fourth quarter of 2018, when Lowe’s reported a net loss of $824 million.
Lowe’s president and CEO Marvin R. Ellison says profitability “exceeded expectations.”
“Our sales growth was driven almost entirely by our U.S. brick-and-mortar stores, supported by our investments in technology, store environment and the pro business. We have a detailed road map in place to modernize our e-commerce platform and accelerate Lowes.com sales, which combined with the sales productivity improvement in our physical stores, underscores our opportunity to unlock additional growth,” he says.
Lowe’s operates 1,977 home improvement locations in the U.S. and Canada, representing 208.2 million square feet of retail selling space.
In July, Ellison outlined plans for a technology hub located in Charlotte, North Carolina, to boost the company’s digital acceleration.