Sandy Helps Boost Lowe's Earnings
Lowe’s Home Improvement says its profits jumped 76 percent in the third quarter from the same period a year ago. The company headquartered in Mooresville says it made $396 million. Part of the increase comes from sales related to Hurricane Sandy.
Lowe’s Chief Customer Officer Greg Bridgeford spoke to analysts during a conference call Monday morning:
“We supplied large quantities of generators, flashlights, and batteries to customers preparing for Superstorm Sandy,” Bridgeford says. “Our merchant, logistics, and store teams worked closely together to identify what products would be needed before and after Sandy, and pre-staged them in appropriate stores and distribution centers.”
Lowes says it expects Sandy-related sales to continue into the fourth quarter. The company is forecasting total sales for fiscal year 2012 to increase only two percent from 2011. CEO Robert Niblock wouldn’t comment on the recent management shakeup at Canadian home improvement retailer Rona, which Lowe’s tried to purchase earlier this year. Rona rejected the offer, saying it wasn’t in the best interests of its shareholders. Lowe’s later retracted its offer