On Wednesday, Lowe's Companies Inc. reported net earnings of $1.7 billion and earnings per share of $2.14 for the quarter ending Aug. 2, up from $1.5 billion and of $1.86 in the second quarter of 2018.
The report exceeded analysts’ predictions and caused Lowe’s stock to surge.
"We capitalized on spring demand, strong holiday event execution and growth in Paint and our Pro business to deliver strong second quarter results. Despite lumber deflation and difficult weather, we are pleased that we delivered positive comparable sales in all 15 geographic regions of the U.S. This is a reflection of a solid macroeconomic backdrop and continued momentum executing our retail fundamentals framework,” said Marvin R. Ellison, Lowe's president and CEO.
"Our transformation is ongoing, and our future is bright. We are confident that we are on the right path to capitalize on solid demand in a healthy home improvement market and generate long-term profitable growth. I would like to thank our associates for their hard work and continued commitment to serving customers," added Ellison.
Sales for the second quarter were $21.0 billion, up 0.5% from $20.9 billion in the second quarter of 2018, and comparable sales increased 2.3%. Comparable sales for the U.S. home improvement business increased 3.2%.
Lowe’ repurchased $1.96 billion in stock under its share repurchase program and paid $382 million in dividends in the second quarter.
As of Aug. 2, Lowe's operated 2,003 home improvement and hardware stores in the U.S. and Canada, representing 208.8 million square feet of retail selling space.
Lowe's is actively hiring full- and part-time associates at its corporate locations, stores and distribution centers, and has filled more than 14,000 positions since July 1.