While reporting financial results for the third quarter on Wednesday, home improvement retailer Lowe’s Cos., Inc. (LOW) raised its revenues outlook for the full-year 2021.
For fiscal 2021, the company now projects revenue of approximately $95 billion, representing approximately 33% comparable sales growth on a two-year basis. The Street is looking for revenues of $93.7 billion for the year.
The company previously projected revenue of approximately $92 billion, representing approximately 30 percent comparable sales growth on a two-year basis.
“Our momentum continued this quarter, with U.S. sales comps up nearly 34% on a two-year basis, as our Total Home strategy is resonating with the Pro and DIY customer alike. In the quarter, we drove over 16% growth in Pro and 25% on Lowes.com. We also delivered operating margin expansion by driving productivity through disciplined operational execution and cost management,” said Marvin Ellison, Lowe’s president and CEO.
For the third quarter, the company reported net earnings of $1.90 billion or $2.73 per share, sharply higher than $692 billion or $0.91 per share in the prior-year quarter. Excluding items, adjusted net earnings for the quarter was $2.73 per share, compared to last year’s $1.98 per share.
Total sales for the quarter grew to $22.92 billion from $22.31 billion in the same quarter last year, and consolidated comparable sales increased 2.2 percent. Comparable sales for the U.S. home improvement business increased 2.6 percent.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $2.36 per share on sales of $22.06 billion for the quarter. Analysts’ estimates typically exclude special items.
As of October 29, 2021, Lowe’s operated 1,973 home improvement and hardware stores in the United States and Canada representing 208 million square feet of retail selling space, and it serviced approximately 230 dealer-owned stores.
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