Although US home improvement chain Lowe’s saw a 3.9 per cent increase in sales in fiscal 2018/2019 (ended 1 February 2019) to USD 71.309 bn, the number two in the American and global market nevertheless suffered a net loss amounting to USD 824 mio in the fourth quarter. Sales in the fourth quarter rose by a modest 1.0 per cent to USD 15.647 bn.
In spite of this, Marvin R. Ellison, Lowe’s president and CEO, said: "Overall, we are pleased with the progress we are making in our business. Most of the intense work over the past six months to transform our company has been in preparation for an improved spring season and fiscal 2019." He highlighted the fact that the stores in the USA achieved like-for-like sales growth of 5.8 per cent.