A shopper visits a Lowe’s hardware store in Philadelphia, Pennsylvania, November 4, 2020.
Mark Makela | Reuters
Lowe’s on Wednesday reported quarterly same-store sales growth of more than 30%, including a doubling of online sales, as the coronavirus pandemic pushed more people to its stores and website to invest in their homes.
Its shares were falling more than 6% in premarket trading.
Here’s how the home improvement company did during its fiscal third quarter compared with what analysts were expecting, based on Refinitiv data:
- Earnings per share: $1.98, adjusted, vs. $1.99 expected
- Revenue: $22.31 billion vs. $21.25 billion expected
For the quarter ended Oct. 30, Lowe’s net income fell to $692 million, or 91 cents a share, from $1.05 billion, or $1.36 per share, a year earlier. Excluding a $1.1 billion pretax loss on extinguishment of debt, the company earned $1.98 per share, a penny short of analysts’ estimates, based on Refinitiv data.
Sales rose to $22.31 billion from $17.39 billion a year earlier, beating expectations for $21.25 billion.
Same-store sales, which track sales online and at Lowe’s stores open for at least 12 months, surged 30.1%, topping estimates for 22.8% growth.
The results from Lowe’s come one 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 surged 24% from a year ago.
As of Tuesday’s market close, Lowe’s shares are up roughly 33% this year. The company has a market cap of $120.8 billion.
This story is developing. Please check back for updates.