2Q98 Comparable Store Sales Up 6.0%
July 1998 Sales Up 17.6%
North Wilkesboro, NC, August 6 -- Lowe’s Companies, Inc. (NYSE: LOW) announced today that second quarter sales totaled $3.43 billion, a 22.0% increase over second quarter 1997. For the four-week period ended July 31, 1998, sales increased 17.6% to $947.7 million from $806.2 million a year ago.
Comparable store sales for the second quarter were +6.0%. Large stores (those larger than 80,000 square feet) had a comparable store sales increase of 7.5% in the second quarter. Comparable store sales for July 1998 increased 2.3%. Large stores had a comparable store sales increase of 4.0% in July.
Robert L. Tillman, Lowe’s Chairman and Chief Executive Officer, commented, "I am very pleased with our sales results for the quarter, which exceeded our original business plan. This is in spite of unusual heat and drought during June and July which negatively impacted most of our outdoor categories such as lawn and garden, exterior paint, and portions of our outdoor hardlines offering. Our core categories, whic h also happen to be higher gross margin categories, performed well throughout the quarter."
During the month, the Company opened four stores, relocated two stores and closed one Contractor Yard. As of July 31, 1998, Lowe’s operated 457 stores in 26 states.
Lowe’s Companies, Inc. is the second largest retailer of home improvement products in the world with specific emphasis on do-it-yourself retail and commercial business customers. Lowe’s was recently ranked in Fortune magazine’s inaugural list of "The 100 Best Companies to Work For in America" and currently employs more than 65,000 people. Shareholders’ and Security Analysts’ Inquiries:
Robert A. Niblock, Vice President and Treasurer 336-658-4860
Carson Anderson, Manager - Investor Relations 336-658-4385
Brian Peace, Director- Public Relations 336-658-4170