Lowe's Q4 Profit Slips, Announces Share Buybacks
Lowe's has reported its Q4 and 2012 results. For the quarter, sales slid 5% year over year, to $11.0 billion. That metric was $11.6 billion in the same quarter the previous year. Net profit was $288 million ($0.26 per diluted share), a decline of nearly 11% from Q4 2011's figure. Comparable-store sales grew 1.9% on a consolidated basis.
The company pointed out, however, that both Q4 and fiscal 2011 included an extra week compared to their 2012 counterparts.
For the full year, Lowe's reported sales of $50.5 billion. This was a slight increase over those of 2011. Net profit advanced 6.5% over the same time frame to land at $2.0 billion ($1.69 diluted EPS).
The firm added that its board has authorized up to $5 billion in stock repurchases over the next two years. This replaces the existing buyback program.
Lowe's also provided guidance for fiscal 2013. It believes total sales will grow roughly 4% on a year-over-year basis, comparable-store sales will advance by around 3.5%, and diluted EPS should come in at approximately $2.05.
The article Lowe's Q4 Profit Slips, Announces Share Buybacks originally appeared on Fool.com.Fool contributor Eric Volkman has no position in Lowe's. The Motley Fool recommends Lowe's. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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