Lowe's partially offsets weak DIY business with professionals

Lowe's reports total sales of USD 27.476 bn for the second quarter (ended 29 July 2002), a decrease of 0.3 per cent compared with the same period of the last year. Comparable sales also decreased 0.3 per cent. Comparable sales for the US home improvement business increased 0.2 per cent for the second quarter. According to the second largest home improvement retailer of the world, DIY sales were impacted by the shortened spring and lower demand in certain discretionary categories, which was partially offset by a 13 per cent increase in pro customer sales.

"Our results in the first half were disproportionately impacted by our 75 per cent DIY customer mix, which was partially offset by our double-digit pro growth for the ninth consecutive quarter," Marvin R. Ellison, Lowe's chairman, president and CEO, commented. "Despite continued macro uncertainty, we remain confident in the long-term strength of the home improvement market and our ability to take share."