Shoppers wearing protective masks wait in line to enter a Lowe’s Cos. store in San Bruno, California, U.S., on Wednesday, May 20, 2020.
David Paul Morris | Bloomberg | Getty Images
Lowe’s said Wednesday its fourth-quarter same-store sales climbed 28.1%, as consumers spent more on home projects during the pandemic.
That’s higher than the 22% growth that analysts expected, according to StreetAccount. Even with the strong results, Lowe’s continues to expect that sales could moderate as the pandemic eases.
The company’s shares closed down 3.72% to $162.31. As of Wednesday’s close, the company’s market value is $118.93 billion and its shares are up about 32% over the past year.
Here’s what the company reported for the quarter ended Jan. 29 compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:
- Earnings per share: $1.33 adjusted vs. $1.21 expected
- Revenue: $20.31 billion vs. $19.48 billion expected
Lowe’s reported fourth-quarter net income of $978 million, or $1.32 per share, up from $509 million, or 66 cents per share, a year earlier.
Excluding items, it earned $1.33 per share, exceeding the $1.21 per share expected by analysts surveyed by Refinitiv.
Net sales rose to $20.31 billion, outpacing analysts’ expectations of $19.48 billion.
Sales at its U.S. stores open at least a year and online grew by 28.6% in the quarter.
Lowe’s has gained customers and gotten a boost in sales during the pandemic, as Americans have done do-it-yourself…