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Nov. 17, 2021, 6:14 a.m. EST

Lowe's stock jumps toward a record after profit and revenue beats, surprise growth in same-store sales

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By Tomi Kilgore

Shares of Lowe's Companies /zigman2/quotes/205563664/composite LOW +4.01% surged 2.1% into record territory in premarket trading Wednesday, after the home improvement retailer reported fiscal third-quarter profit and revenue that beat expectations, a surprise increase in same-store sales and raised its full-year outlook. Net income for the quarter to Oct. 29 rose to $1.90 billion, or $2.73 a share, from $692 million, or 91 cents a share, in the year-ago period. The FactSet consensus for earnings per share was $2.35. Sales grew 2.7% to $22.92 billion, beating the FactSet consensus of $22.08 billion, as cost of sales rose 2.1% and gross margin improved to 33.1% from 32.7%. Overall same-store sales rose 2.2%, compared with the FactSet consensus for a 1.3% decline, while U.S. same-store sales growth of 2.6% beat expectations of a 1.9% decline. For fiscal 2021, the company raised its revenue outlook to "approximately $95 billion" from "approximately $92 billion." Separately, the company said it repurchased $2.9 billion worth of its stock during the third quarter. The stock, which closed at a record $244.78 on Tuesday, has run up 34.3% over the past three months while the S&P 500 /zigman2/quotes/210599714/realtime SPX +2.43% has gained 5.7%.

/zigman2/quotes/205563664/composite
US : U.S.: NYSE
$ 234.99
+9.06 +4.01%
Volume: 3.22M
Jan. 28, 2022 4:03p
P/E Ratio
20.40
Dividend Yield
1.36%
Market Cap
$152.22 billion
Rev. per Employee
$280,062
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/zigman2/quotes/210599714/realtime
US : S&P US
4,431.85
+105.34 +2.43%
Volume: 2.91B
Jan. 28, 2022 4:54p
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