Severe winter weather was no match for Lowe’s in the fourth quarter. The company reported sales of $11.7 billion, up 5.6% from the same quarter last year, as comps increased 3.9%.
The company also posted fourth-quarter net earnings of $306 million, up 6.3%.
"During the quarter, we delivered solid performance in core home improvement categories, balancing softer sales of seasonal gifts and holiday decorations,” said CEO Robert Niblock. “When extreme winter weather arrived late in the quarter, our distribution network responded quickly and efficiently to move product where it was most needed.”
For the full year, sales reached $53.4 billion, a 5.7% increase over 2012 sales. Comps for the year finished at 4.8%, as net income surged16.7% to $2.3 billion.
Looking ahead, Lowe’s expects total sales for fiscal 2014 to increase about 5%, and comparable store sales to increase about 4%. The company expects to open about 15 home improvement stores and five Orchard Supply hardware stores.
Niblock added that he was pleased with the progress Lowe’s made during 2013 and that the retailer continues to “transform.”
As of Jan. 31, Lowe’s operated 1,832 stores in the U.S., Canada and Mexico.