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May 20, 2020, 6:10 a.m. EDT

Lowe's stock surges after profit, sales rise well above expectations

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By Tomi Kilgore

Shares of Lowe's Companies /zigman2/quotes/205563664/composite LOW +0.56% jumped 6.1% in premarket trading Wednesday, after the home improvement retailer reported fiscal first-quarter profit and sales rose well above expectations, and said the sales momentum has continued into May. Net income for the quarter to May 1 rose to $1.33 billion, or $1.76 a share, from $1.05 billion, or $1.31 a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share came to $1.77, beating the FactSet consensus of $1.32. Total sales increased 10.9% to $19.68 billion, above the FactSet consensus of $18.34 billion, with online sales rising 80%. U.S. same-store sales grew 12.3% above a year ago, compared with the FactSet consensus for domestic same-store sales growth of 2.4%. The company said it was withdrawing its 2020 financial guidance, citing "limited visibility" regarding the impact of the COVID-19 pandemic. "Our strong first quarter performance, which continues into May, also reflects the benefits of our retail fundamentals strategy, the improvement in our execution, and the resiliency of our home improvement business model," said Chief Executive Marvin Ellison. The stock has slipped 7.7% over the past three months through Tuesday, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.72% has declined 13.4%.

/zigman2/quotes/205563664/composite
US : U.S.: NYSE
$ 171.34
+0.95 +0.56%
Volume: 3.73M
Jan. 15, 2021 4:00p
P/E Ratio
24.20
Dividend Yield
1.40%
Market Cap
$125.54 billion
Rev. per Employee
$225,463
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/zigman2/quotes/210599714/realtime
US : S&P US
3,768.25
-27.29 -0.72%
Volume: 2.74B
Jan. 15, 2021 5:18p
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