Lowe's earnings beat as sales jump more than 10% despite sluggish housing market [MSNBC.com]
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Source: MSNBC.com
Lowe'sThe home improvement company said it expects total sales for the full current fiscal year to range between $92 billion and $94 billion, which would be a roughly 7% to 9% increase over the prior year. It said it expects adjusted earnings per share to be between $12.25 and $12.75 for the full year. Lowe's said it expects comparable sales, a metric that takes out one-time factors, to be approximately flat to up 2%.In a news release, CEO Marvin Ellison said the company's strategy is resonating with its do-it-yourself customers and home professionals, even as higher mortgage rates and slower real estate sales challenge its industry."While the housing macro remains pressured, we are focused on directing what is within our control, which includes our ongoing productivity initiatives," he said. "We remain confident that we are well-positioned to take share regardless of the macro environment."Shares fell in premarket trading as Lowe's earnings per share projections for the year fell sho
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