Lowe’s under on profit, over on revenue in Q2; plans 15-20 new stores

Mooresville, N.C. – Lowe’s Companies Inc. missed Wall Street expectations for profit but beat the Street with revenue in a mixed second quarter of fiscal 2015. Net earnings totaled $1.13 billion, up 8% from $1.04 billion the same quarter a year earlier.



Lowe’s achieved its lower-than-expected profit increase by limiting growth of costs and expenses while beating expectations with net sales of $17.35 billion, up 4% from $16.6 billion. Same-store sales increased 4.3%.



During fiscal 2015, Lowe’s plans to open 15-20 new stores.



"We posted solid results for the quarter and were able to capitalize on big-ticket market share opportunities with strong growth in categories like appliances and outdoor power equipment," said Robert A. Niblock, Lowe's chairman, president and CEO.



Looking ahead, total sales for fiscal 2015 are expected to increase 4.5% to 5%, while same-store sales are expected to grow in the same range.