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Aug. 21, 2019, 6:12 a.m. EDT

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

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By Steve Goldstein

LOW

Home improvement retailer Lowe's /zigman2/quotes/205563664/composite LOW +0.09% 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.

/zigman2/quotes/205563664/composite
US : U.S.: NYSE
$ 115.62
+0.10 +0.09%
Volume: 2.30M
Nov. 18, 2019 1:42p
P/E Ratio
36.18
Dividend Yield
1.90%
Market Cap
$89.16 billion
Rev. per Employee
$230,029
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