UPDATE 1-Lowe's beats quarterly profit estimates, shares rise [Reuters]
Lowe's Companies, Inc. (LOW)
Last lowe's companies, inc. earnings: 2/26 06:00 am
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Source: Reuters
Lowe's beats quarterly profit estimates, shares rise - Reuters 2 Min Read (Reuters) - Lowe’s Cos Inc ( LOW.N ) beat same-store sales and profit estimates on Wednesday, as the home improvement chain stocked more equipment geared towards pulling high-spending customers. The company’s shares rose 6.3% to $104 in pre-market trading. Like larger rival Home Depot Inc ( HD.N ), Lowe’s has been chasing plumbers, builders and carpenters who spend more than its core “do-it-yourself” shoppers, by stocking up on higher-end industrial products like drills and power saws. “We delivered positive comparable sales in all 15 geographic regions of the U.S. This is a reflection of a solid macroeconomic backdrop,” Chief Executive Officer Marvin Ellison said. The company’s same-store sale rose 2.3% in the second quarter ended Aug. 2, above expectations of a 1.8% increase, according to IBES data from Refinitiv. Net sales rose marginally to $20.99 billion from $20.89 billion, largely in-line with analyst
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