Lowe's rallies as same-store sales top forecasts
Shares of Lowe's Companies LOW, +0.12% jumped 6.1% in premarket trading Wednesday, after the home improvement retailer reported fiscal first-quarter profit and sales rose well above expectations, and said the sales momentum has continued into May. Net income for the quarter to May 1 rose to $1.33 billion, or $1.76 a share, from $1.05 billion, or $1.31 a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share came to $1.
same-store sales grew 12.3% above a year ago, compared with the FactSet consensus for domestic same-store sales growth of 2.4%. The company said it was withdrawing its 2020 financial guidance, citing"limited visibility" regarding the impact of the COVID-19 pandemic.
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