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Lowe’s to Build More Stores, Expand
Installed Sales
At its recent conference for investors and financial analysts, Lowe’s Home Improvement reviewed growth plans for the future, as it continues to face a struggling housing market. According to Home Channel News, the company announced plans to open 135 to 145 new stores in 2008 and step up efforts to boost installed sales.
In a company press release, Gregory M. Bridgeford, executive vice president of business development, noted, “Lowe’s is well positioned to capitalize on a large and fragmented industry to continue our growth. A major component of our organic growth plan is to layer new revenue streams on our existing store base by understanding the changing needs of home improvement customers, developing product and service solutions to meet those needs, and crafting these differentiating customer proposals into profitable business models.”
“External pressures weigh on our near-term performance, but looking past the current cycle, we see many opportunities for continued sales and earnings growth and increasing cash flow from operations,” added Robert F. Hull, Jr., executive vice president and CFO.
Reviewing the company’s expectations for market recovery, Hull added, “The current pressures will likely continue into 2008, so we expect our earnings performance to improve from mid-single digit growth in 2008 to high-teens in 2010.”
Numerous press reports noted that Lowe’s warnings on lower sales expectations for the short-term had a ripple effect on some housing stocks.
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