Lowe’s beats estimates for quarterly same-store sales
Lowe’s Cos Inc beat estimates for quarterly same-store sales on Wednesday, benefiting from sustained demand from people sprucing up their homes during the COVID-19 pandemic.
With the health crisis limiting options for travel or leisure activities, people have been spending more of their stimulus check-boosted discretionary income on minor remodeling and repair work, putting Lowe’s and Home Depot Inc among the biggest retail winners last year.
Same-store sales rose 28.1% in the fourth quarter ended Jan. 29, beating analysts’ estimates of a 21.2% increase, according to IBES data from Refinitiv. Larger rival Home Depot reported a 24.5% gain on Tuesday.
Total net sales rose to $20.31 billion from $16.03 billion, beating estimates of $19.48 billion.
Lowe’s said it was planning $9 billion in share buybacks and $2 billion in capital expenditures in 2021.
