Lowe’s beats quarterly profit estimates, shares rise 6.3 per cent

Lowe’s Cos Inc beat same-store sales and profit estimates on Wednesday, as the home improvement chain stocked more equipment geared towards pulling high-spending customers.Like larger rival Home Depot Inc, 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.

The company’s same-store sale rose 2.3 per cent in the second quarter ended Aug. 2, above expectations of a 1.8 per cent increase, according to IBES data from Refinitiv. Net sales rose marginally to $20.99 billion from $20.89 billion, largely in-line with analysts’ estimates. Lowe’s net earnings rose to $1.68 billion, or $2.14 per share, in the reported quarter, from $1.52 billion, or $1.86 per share, a year earlier.Tickers mentioned in this storyDue to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to

Canada Latest News, Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Letters to the editor: Aug. 21: Taking the temperature on Elections Canada and climate change. Plus other letters to the editor.Aug. 21: Taking the temperature on Elections Canada and climate change. Plus other letters to the editor. GlobeDebate
Source: globeandmail - 🏆 5. / 92 Read more »

Letters to the editor: Aug. 20: Mourning Carson. Plus other letters to the editorLetters to the editor and article responses submitted by The Globe and Mail readers GlobeDebate KashmirWantsFreedom
Source: globeandmail - 🏆 5. / 92 Read more »

Home Depot cuts full-year sales forecastThe home improvement chain said it now expects its 2019 sales to rise about 2.3 per cent, down from a prior forecast of a 3.3 per cent globebusiness With a skill saw, hand saw, or reciprocating saw?
Source: globeandmail - 🏆 5. / 92 Read more »

Canadian manufacturing sales fell 1.2 per cent in JuneSales were down in 16 of 21 industries, representing 68 per cent of total manufacturing sales
Source: globeandmail - 🏆 5. / 92 Read more »

Thirty-four per cent of economists in survey expect a U.S. recession in 2021Economists have previously expressed concern that Trump’s tariffs and higher budget deficits could eventually dampen the economy globebusiness Ah yes trying to get rid of Trump by starting rumors and fears of a recession.
Source: globeandmail - 🏆 5. / 92 Read more »

RBC kicks off big bank earnings with dividend hike, rise in profitRBC kicks off big bank earnings with dividend hike, rise in profit GlobeBusiness
Source: globeandmail - 🏆 5. / 92 Read more »