Lowe’s earnings, sales beat Street

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Lowe’s earnings, sales beat Street

By Marianne Wilson - 08/21/2019
Lowe’s Cos. reported better-than-expected second-quarter earnings, revenue and same-store sales as what CEO Marvin Ellison called its “ongoing transformation” appears to be paying off.

The home improvement retailer reported its results the day after rival Home Depot reported mixed results for its second quarter as earnings beat analysts’ estimates but sales fell short.

Net income totaled $1.7 billion, or $2.14 a share, for the quarter ended Aug. 2, up from $1.5 billion, or $1.86 a share, in the year-ago period. Adjusted earnings in the quarter were $2.15 a share. Analysts had expected earnings of $2.00 a share.

Net sales inched up 0.5% to $21.0 billion, above analysts' forecasts of $20.97 billion. Same-store sales for the U.S. home improvement business increased 3.2%.

“We capitalized on spring demand, strong holiday event execution and growth in paint and our pro business to deliver strong second-quarter results,” stated Ellison, who took the reins of Home Depot last year. “Despite lumber deflation and difficult weather, we are pleased that we delivered positive comparable sales in all 15 geographic regions of the U.S. This is a reflection of a solid macroeconomic backdrop and continued momentum executing our retail fundamentals framework.”

As of Aug. 2, 2019, Lowe’s operated 2,003 home improvement and hardware stores in the United States and Canada.

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