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Aug. 18, 2021, 6:12 a.m. EDT

Lowe's stock gains after surprise growth in sales, profit and same-store sales beat expectations

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By Tomi Kilgore

Shares of Lowe's Companies /zigman2/quotes/205563664/composite LOW +0.59% rose 1.0% in premarket trading Wednesday, after the home improvement retailer reported fiscal second-quarter profit, sales and same-store sales that beat expectations, and provided an upbeat full-year outlook. Net income for the quarter to July 30 rose to $3.02 billion, or $4.25 a share, from $2.83 billion, or $3.74 a share, in the year-ago period. The FactSet consensus for earnings per share was $4.01. Sales grew 1.0%, to $27.57 billion from $27.30 billion, while the FactSet consensus was for a decline to $26.74 billion, as digital sales rose 7%. Cost of sales increased 1.4% to $18.26 billion, to bring gross margin down to 33.78% from 34.08%. Overall same-store sales fell 1.6%, to beat the FactSet consensus of a 2.2% decline, while U.S. same-store sales were down 2.2% to beat expectations of a 2.6% decline. For fiscal 2021, the company expects revenue of "approximately $92 billion," above the FactSet consensus of $91.4 billion, and sees gross margin "up slightly." The stock has had slipped 5.4% over the past three months through Tuesday, while shares of rival Home Depot Inc. /zigman2/quotes/208081807/composite HD +0.38% has gained 1.3% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.11% has tacked on 7.8%.

/zigman2/quotes/205563664/composite
US : U.S.: NYSE
$ 228.77
+1.35 +0.59%
Volume: 2.21M
Oct. 22, 2021 4:02p
P/E Ratio
23.58
Dividend Yield
1.40%
Market Cap
$158.41 billion
Rev. per Employee
$263,521
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/zigman2/quotes/208081807/composite
US : U.S.: NYSE
$ 365.99
+1.37 +0.38%
Volume: 2.73M
Oct. 22, 2021 4:00p
P/E Ratio
25.74
Dividend Yield
1.80%
Market Cap
$386.25 billion
Rev. per Employee
$261,708
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/zigman2/quotes/210599714/realtime
US : S&P US
4,544.90
-4.88 -0.11%
Volume: 1.82B
Oct. 22, 2021 5:04p
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