Lowe’s beats on revenue and gross sales and gives upbeat outlook, however inventory falls

Lowe’s Firms LOW, -0.71% reported Wednesday fiscal first-quarter revenue, gross sales and same-store gross sales that rose above expectations, and offered an upbeat outlook, however the dwelling enchancment retailer’s inventory fell 1.5% in premarket buying and selling amid a broad market selloff. Internet earnings for the quarter to April 30 rose to $2.32 billion, or


Lowe’s Firms
LOW,
-0.71%

reported Wednesday fiscal first-quarter revenue, gross sales and same-store gross sales that rose above expectations, and offered an upbeat outlook, however the dwelling enchancment retailer’s inventory fell 1.5% in premarket buying and selling amid a broad market selloff. Internet earnings for the quarter to April 30 rose to $2.32 billion, or $3.21 a share, from $1.34 billion, or $1.76 a share, within the year-ago interval. That beat the FactSet consensus for earnings per share of $2.61. Gross sales elevated 24.1% to $24.42 billion, above the FactSet consensus of $23.81 billion, as same-store gross sales grew 25.9% to beat expectations of 20.7% development. Price of gross sales rose 23.8%, with gross margin enhancing to 33.3% of gross sales from 33.1%. The corporate mentioned it spent $3.1 billion through the quarter to repurchase 16.8 million shares. Lowe’s mentioned the “very sturdy” gross sales momentum it noticed within the first quarter has continued in Might, with fiscal 2021 gross sales presently “monitoring forward” of earlier steerage of $86 billion. “Higher-than-expected year-to-date outcomes and a supportive macroeconomic backdrop construct the corporate’s confidence in its skill to ship sturdy outcomes for the fiscal 12 months, together with continued market share good points and the achievement of a 12% working margin,” the corporate mentioned in a press release. The inventory’s decline comes as S&P 500
SPX,
-0.85%

futures
ES00,
-0.81%

slumped 0.9% forward of the open.



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