Lowe’s, the No. 2 U.S. home improvement retailer, reported a 19.3 percent rise in holiday quarter revenue on Wednesday, boosted by a strong U.S. housing market.
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Sales at Lowe’s stores open more than 13 months rose 5.1 percent in the fourth quarter ended Feb. 3, above the average estimate of a rise of 2.2 percent, according to analysts polled by research firm Consensus Metrix.
The Mooresville, North Carolina-based company’s net earnings increased to $663 million, or 74 cents per share, in the quarter, from $11 million, or 1 cent per share, a year earlier.
Net sales rose to $15.78 billion from $13.24 billion.
(Reporting by Gayathree Ganesan in Bengaluru; Editing by Sriraj Kalluvila)
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