Lowe's success coming at least partly at Home Depot's expense
By
Posted 4:24PM on Wednesday, June 5, 2002
CHARLOTTE - Wilkesboro-based Lowe's is beginning to gain ground on the longtime market leader. <br>
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The store -- about half the size of Home Depot -- is moving into urban markets and winning the battle for female customers. <br>
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Lowe's most recent comparable store sales were up seven-point-five percent in the first quarter. Home Depot's were up five percent. <br>
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On May 20th, Lowe's first-quarter profits rose 54 percent to 345-point-eight (m) million dollars -- surpassing Wall Street expectations. <br>
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A day later, Home Depot also beat estimates, reporting 856 (m) million dollars in earnings -- a 35 percent jump in its first-quarter profits. <br>
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But both companies have seen their share prices slip in recent days. <br>
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As a result, Lowe's shares closed Friday at 47 dollars, and 16 cents, down 73 cents on the New York Stock Exchange. Home Depot shares also dropped. <br>
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Still, industry analysts said the outlook for Lowe's remains good. <br>
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