Lowe's stock gains after surprise growth in sales, profit and same-store sales beat expectations

2 months ago 22
PR Distribution

Shares of Lowe's Companies LOW, -5.80% roseate 1.0% successful premarket trading Wednesday, aft the location betterment retailer reported fiscal second-quarter profit, income and same-store income that bushed expectations, and provided an upbeat full-year outlook. Net income for the 4th to July 30 roseate to $3.02 billion, oregon $4.25 a share, from $2.83 billion, oregon $3.74 a share, successful the year-ago period. The FactSet statement for net per stock was $4.01. Sales grew 1.0%, to $27.57 cardinal from $27.30 billion, portion the FactSet statement was for a diminution to $26.74 billion, arsenic integer income roseate 7%. Cost of income accrued 1.4% to $18.26 billion, to bring gross borderline down to 33.78% from 34.08%. Overall same-store income fell 1.6%, to bushed the FactSet statement of a 2.2% decline, portion U.S. same-store income were down 2.2% to bushed expectations of a 2.6% decline. For fiscal 2021, the institution expects gross of "approximately $92 billion," supra the FactSet statement of $91.4 billion, and sees gross borderline "up slightly." The banal has had slipped 5.4% implicit the past 3 months done Tuesday, portion shares of rival Home Depot Inc. HD, -4.27% has gained 1.3% and the S&P 500 SPX, -0.71% has tacked connected 7.8%.

Read Entire Article