Lowe's beat second quarter estimates, guides higher for full-year
Updated : 13:15
Lowe's beat estimates on the Street for its second quarter profit and sales and guided higher for the full-year.
The company's chief executive officer, Marvin Ellison, also sounded an upbeat note on the outlook, saying: "Looking forward, I am confident in the positive outlook for our industry, and our ability to drive operating margin expansion and market share gains."
For the three months on 30 June, the home improvement specialist posted net earnings of $3.0bn for a 13% increase in diluted earnings per share of $4.25.
Total sales were ahead by 1.1% on the year earlier period to reach $27.6bn, even as like-for-like sales fell 1.6% (FactSet: -2.2%).
In the US alone, LFL sales were down by 2.2% but 32% higher on a two-year basis.
Regarding the outlook, Lowe's guided towards full-year revenues of roughly $92bn (FactSet: $91.4bn) on a two-year LFL increase in sales of 30%.
Gross margins meanwhile were expected to be "up slightly" on 2020 with operating income as a percentage of sales seen coming in at 12.2%.
As of 1313 BST, shares of Lowes were trading 4.18% higher in response to the news at $190.0.