Lowe’s beats estimates for quarterly same-store sales
Wed Feb 24 2021
Mark Cooper (2226 articles)

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.

Mark Cooper

Mark Cooper

Mark Cooper is Political / Stock Market Correspondent. He has been covering Global Stock Markets for more than 6 years.