Sales surge at Lowe’s as the homebound take on more projects

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Lowe’s sales surged in the third quarter more people took on projects at home during the epidemic.
Revenue increased to $22.3 billion from $17.4 billion a year ago. That beat the $21.08 billion that analysts surveyed by Zacks Investment Research were calling for.
Online sales soared 106%, while sales at stores open at least a year climbed 30.1%. Sales at U.S. stores open at least a year rose 30.4%.
A day earlier, rival Home Depot reported a 23% jump in third-quarter sales.
Lowe’s earned $692 million, or 91 cents per share, for the period ended Oct. 30. That included a $1.1 billion pre-tax loss on extinguishment of debt related to its third-quarter $3 billion cash tender offer. A year earlier the company earned $1 billion, or $1.36 per share.


Removing the charge, earnings were $1.98 per share, which was a penny better than Wall Street expectations.
The company said that in the final quarter of the year it expects per-share earnings of between $1.10 and $1.20. With Wall Street already projecting earnings of $1.16 per share, Lowe’s expectations for the fourth quarter leave a lot of room on the downside.
CEO Marvin Ellison told The Associated Press during a Wednesday phone interview that Lowe’s is not reliant on another stimulus package from Congress …

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