MOORESVILLE, NC -- Lowe's Companies, Inc., the world's second largest home improvement retailer, reported net earnings of $941 million for the quarter ended August 2, 2013, a 26.0 percent increase over the same period a year ago. For the six months ended August 2, 2013, net earnings increased 16.2 percent from the same period a year ago to $1.48 billion.
Sales for the quarter increased 10.3 percent to $15.7 billion from $14.2 billion in the second quarter of 2012, and comparable sales for the quarter increased 9.6 percent. For the six month period, sales were $28.8 billion, a 5.1 percent increase over the same period a year ago, and comparable sales increased 4.6 percent.
"Home improvement demand was strong during the quarter, and we capitalized on it with improving execution. I'd like to thank our employees for their hard work and continued dedication to serving customers," commented Robert A. Niblock, Lowe's chairman, president and CEO. "We drove a healthy balance of ticket and transaction growth, and delivered solid performance across all product categories."
Delivering on the commitment to return excess cash to shareholders, the company repurchased $1.0 billion of stock and paid $174 million in dividends in the quarter. For the six month period, the company repurchased $2.0 billion and paid $352 million in dividends.
As of August 2, 2013, Lowe's operated 1,758 stores in the United States, Canada and Mexico, representing 197.7 million square feet of retail selling space.