A shopper visits a Lowe hardware store in Philadelphia, Pennsylvania on November 4, 2020.
Mark Makela | Reuters
Lowe’s on Wednesday reported quarterly sales growth of more than 30% in the same store, including doubling online sales as the coronavirus pandemic pushed more people into its stores and website to invest in their homes.
Their shares fell more than 6% in premarket trading.
Here’s how the home improvement company performed in the third quarter of the fiscal year compared to analysts’ expectations based on refinitive data:
- Earnings per share: $ 1.98, adjusted versus expected $ 1.99
- Revenue: $ 22.31 billion versus $ 21.25 billion expected
For the quarter ended October 30, Lowe’s net income fell to $ 692 million, or 91 cents per share, from $ 1.05 billion, or $ 1.36 per share, last year. Excluding a $ 1.1 billion pre-tax loss on debt repayment, the company made $ 1.98 a share, a penny less than analysts’ estimates based on refinitive data.
Revenue rose to $ 22.31 billion from $ 17.39 billion a year ago, beating expectations of $ 21.25 billion.
Sales in the same store, where sales are tracked online and in Lowe stores that are open for at least 12 months, rose 30.1%, beating estimates for 22.8% growth.
Lowe’s results come a day after its larger rival Home Depot reported third-quarter earnings that beat estimates as consumers continued to focus on home improvement during the coronavirus pandemic and sales rose 24% year over year.
At the close of trading on Tuesday, Lowe’s shares were up roughly 33% this year. The company has a market capitalization of $ 120.8 billion.
This story evolves. Please try again.