A consumer visits a Lowe’s ironmongery shop in Philadelphia, Pennsylvania, November 4, 2020.
Mark Makela | Reuters
Lowe’s on Wednesday reported quarterly same-store gross sales progress of greater than 30%, together with a doubling of on-line gross sales, because the coronavirus pandemic pushed extra folks to its shops and web site to put money into their houses.
Its shares have been falling greater than 6% in premarket buying and selling.
This is how the house enchancment firm did throughout its fiscal third quarter in contrast with what analysts have been anticipating, based mostly on Refinitiv information:
- Earnings per share: $1.98, adjusted, vs. $1.99 anticipated
- Income: $22.31 billion vs. $21.25 billion anticipated
For the quarter ended Oct. 30, Lowe’s internet earnings fell to $692 million, or 91 cents a share, from $1.05 billion, or $1.36 per share, a yr earlier. Excluding a $1.1 billion pretax loss on extinguishment of debt, the corporate earned $1.98 per share, a penny in need of analysts’ estimates, based mostly on Refinitiv information.
Gross sales rose to $22.31 billion from $17.39 billion a yr earlier, beating expectations for $21.25 billion.
Identical-store gross sales, which observe gross sales on-line and at Lowe’s shops open for at the very least 12 months, surged 30.1%, topping estimates for 22.8% progress.
The outcomes from Lowe’s come in the future after its bigger rival Home Depot reported third-quarter earnings that beat estimates, as shoppers continued to give attention to house enchancment through the coronavirus pandemic and gross sales surged 24% from a yr in the past.
As of Tuesday’s market shut, Lowe’s shares are up roughly 33% this yr. The corporate has a market cap of $120.8 billion.
This story is creating. Please verify again for updates.