Breaking News         Latest US News              New York News              Fx Tribune

Four Things You Need to Check on Your Car Before You Drive Again
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

CSIOS Corporation: The Cyber Insider Threat
CSIOS Corporation: The Cyber Insider Threat
The Top Five Telecommunication Companies in 2018!
The Top Five Telecommunication Companies in 2018!
Can an attorney help you with settling your car accident claim?
Can an attorney help you with settling your car accident claim?
Building Blocks of CRM: Focus on the Features that Matter
Building Blocks of CRM: Focus on the Features that Matter
How You Can Get Your Home Ready To Sell
How You Can Get Your Home Ready To Sell
New Essential Materials in the Automotive Industry
New Essential Materials in the Automotive Industry
What to Fix When Selling Your Home: 7 Things You Should Check and Repair Before Listing Your Property
What to Fix When Selling Your Home: 7 Things You Should Check and Repair Before Listing Your Property
Expecting for Your Second Baby - Know Hidden Facts Here!
Expecting for Your Second Baby - Know Hidden Facts Here!
Reasons to bet with Bet365
Reasons to bet with Bet365
5 Wonderful Ways to Explore Central Park
5 Wonderful Ways to Explore Central Park
Several facts about international shipping services
Several facts about international shipping services
Bank Accounts and their main differences
Bank Accounts and their main differences
POLLS Results ALL
Who is the most powerful actor in Syria

Front Pages
  • The Sun
NEWS ARCHIVES