Wed. Nov 20th, 2019

Lowe’s tops forecast with rise in second-quarter profit

1 min read

Home improvement retailer Lowe’s

LOW, +2.97%

said its second-quarter net income rose to $1.68 billion, or $2.14 a share, from $1.52 billion, or $1.86 a share, with sales up 0.5% to $20.99 billion. Adjusted for the wind-down of the company’s Mexico retail operations, Lowe’s would’ve earned $2.15 a share, compared to the FactSet-compiled broker consensus of $2 a share. Lowe’s said comparable-store sales grew 2.3% during the quarter, and that it benefited from spring demand and its Paint and Pro business. Lowe’s forecast of adjusted earnings of $5.45 to $5.65 compares to a broker consensus of $5.57, and Lowe’s said net sales will rise 2% and comparable-store sales will grow 3% for the year.

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