18 Ağustos 2017 Cuma Breaking News                       Latest US News            New York

3 Powerful Products That Will Help You Heal
Mooresville-based Lowe’s reported fourth-quarter financial results Wednesday that topped Wall Street expectations – a sign of momentum at a time when the local home improvement retailer has been trimming its workforce to become more efficient. Rising...

Lowe’s shows momentum with better-than-expected quarterly results

Mooresville-based Lowe’s reported fourth-quarter financial results Wednesday that topped Wall Street expectations – a sign of momentum at a time when the local home improvement retailer has been trimming its workforce to become more efficient. Rising...

Lowe’s shows momentum with better-than-expected quarterly results

Mooresville-based Lowe’s reported fourth-quarter financial results Wednesday that topped Wall Street expectations – a sign of momentum at a time when the local home improvement retailer has been trimming its workforce to become more efficient.

Rising home values and relatively low mortgage rates have provided a lift to Lowe’s and its chief rival, Home Depot, the Atlanta-based company that has consistently outperformed Lowe’s thanks to its business for professional customers.

For the three months ending Feb. 3, Lowe’s reported earnings of $663 million, up from $11 million during the same period a year ago. Excluding certain items, including severance-related costs from recent layoffs, earnings per share rose to 86 cents, up from 59 cents in the fourth quarter of 2015 and above the 79 cents estimated by Thompson Reuters analysts.

Net sales rose to $15.78 billion from $13.24 billion the same quarter in 2015. Analysts had expected sales of $15.39 billion. Sales at stores open at least one year – a key industry metric – rose 5.1 percent, above the 2.4 percent rise expected by analysts.

Lowe’s improved earnings report sent its shares up nearly 5.7 percent to $78.58 in early trading.

Last week, Home Depot, the country’s biggest home-improvement retailer, reported a fourth-quarter profit that surged nearly 19 percent from the same period last year. Both earnings and sales topped Wall Street expectations, thanks to more customer visits and higher average sales.

“We’ve entered 2017 well-positioned to capitalize on a favorable macroeconomic backdrop for home improvement by continuing to execute on our strategies to expand customer reach and develop capabilities to anticipate and support their needs,” CEO Robert Niblock said in a statement.

Lowe’s most recent earnings come at a turbulent time for the company‘s workers. Last week, Lowe’s announced the layoffs of 430 people at its Mooresville headquarters, and 70 support staffers in Wilkesboro. About a month ago, Lowe’s cut about 2,400 full-time positions across its U.S. footprint as part of a rollout of a new store staffing model. CNBC contributed.

Katherine Peralta: 704-358-5079, @katieperalta

Our editors found this article on this site using Google and regenerated it for our readers.

Breaking News Headlines

banner30
The Top 4 Things You Should Do If Charged With Driving Under the Influence
The Top 4 Things You Should Do If Charged With Driving Under the Influence
Dog Bites Owner and Woman at Reno Casino
Dog Bites Owner and Woman at Reno Casino
Charlottesville Suspect a Nazi Sympathizer, Known as Pro-Nazi
Charlottesville Suspect a Nazi Sympathizer, Known as Pro-Nazi
Endo Agrees to Set Aside $775M for Vaginal-mesh Lawsuits
Endo Agrees to Set Aside $775M for Vaginal-mesh Lawsuits
How Do The Customers Benefit from Coupons?
How Do The Customers Benefit from Coupons?
Trump's Goal of 15% Corporate Tax Rate Reaches Potential Snag
Trump's Goal of 15% Corporate Tax Rate Reaches Potential Snag
USDA Report Reveals the Trust Cost of Being a Dad
USDA Report Reveals the Trust Cost of Being a Dad
British Zookeeper Killed in “Freak Accident“
British Zookeeper Killed in “Freak Accident“
The most effective method to discover online news with monacart.com
The most effective method to discover online news with monacart.com
What is Google News?
What is Google News?
Is it Worth the 'Likes?' 3 Things Not to Do When Away on Vacation
Is it Worth the 'Likes?' 3 Things Not to Do When Away on Vacation
3 Facilities That Benefit the Most from Standby Power
3 Facilities That Benefit the Most from Standby Power
POLLS Results ALL
Who is the most powerful actor in Syria

banner31
Front Pages
  • The Sun
NEWS ARCHIVES