In this news, we discuss the Lowe’s beats quarterly comparable store sales estimates
(Reuters) – Lowe’s Cos Inc beat comparable store quarterly sales estimates on Wednesday, benefiting from sustained demand from people who have spruced up their homes during the COVID-19 pandemic.
With the health crisis limiting travel or leisure options, people spent more of their discretionary income boosted by stimulus checks on minor renovations and repairs, placing Lowe’s and Home Depot Inc. among the biggest winners of retail last year.
Comparable store sales rose 28.1% in the fourth quarter ended Jan. 29, beating analyst estimates of a 21.2% increase, according to IBES data by Refinitiv. Biggest rival The Home Depot announced a 24.5% gain on Tuesday.
Total net sales increased from $ 16.03 billion to $ 20.31 billion, beating estimates of $ 19.48 billion.
Lowe’s said he is planning $ 9 billion in share buybacks and $ 2 billion in capital spending in 2021.
Reporting by Uday Sampath in Bengaluru; Edited by Anil D’Silva
Original © Thomson Reuters