{"id":123060,"date":"2021-11-17T11:47:33","date_gmt":"2021-11-17T11:47:33","guid":{"rendered":"https:\/\/fin2me.com\/?p=123060"},"modified":"2021-11-17T11:47:33","modified_gmt":"2021-11-17T11:47:33","slug":"lowes-tops-estimates-as-customers-invest-more-in-bigger-home-projects-retailer-lifts-sales-forecast","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/lowes-tops-estimates-as-customers-invest-more-in-bigger-home-projects-retailer-lifts-sales-forecast\/","title":{"rendered":"Lowe&#x27;s tops estimates as customers invest more in bigger home projects, retailer lifts sales forecast"},"content":{"rendered":"<ul>\n<li>Lowe&#x27;s beat expectations for fiscal third-quarter earnings, as it got a boost from online sales and business from home professionals.<\/li>\n<li>The home improvement retailer&#x27;s same-store sales rose by 2.2% in the three-month period, despite analysts predicting a decline.<\/li>\n<li>CEO Marvin Ellison said sales to home pros, such as electricians and contractors, rose 16% in the third quarter. <\/li>\n<\/ul>\n<p>In this article<\/p>\n<ul>\n<li><span>LOW<\/span><button class=\"AddToWatchlistButton-watchlistButton\"><span><\/span><\/button><\/li>\n<\/ul>\n<p>Lowe&#x27;s beat analysts&#x27; expectations for fiscal third-quarter earnings on Wednesday, as the company got a bump in business from home professionals and online sales.<\/p>\n<p>The home improvement retailer also raised its forecast. It had previously predicted $92 billion in revenue this fiscal year. Now, it anticipates about $95 billion.<\/p>\n<p>Shares rose nearly 2% in premarket trading.<\/p>\n<p>Here&#x27;s what the company reported for the fiscal third quarter ended Oct. 29 compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:<\/p>\n<ul>\n<li>Earnings per share: $2.73 vs. $2.36 expected<\/li>\n<li>Revenue: $22.92 billion vs. $22.06 billion expected<\/li>\n<\/ul>\n<p>Lowe&#x27;s profits rose to<strong>\u00a0<\/strong>$1.90 billion, or $2.73 per share, from $692 million, or 91 cents a share,\u00a0a year earlier<strong>.\u00a0<\/strong>The results outmatched the $2.36 per share expected by analysts surveyed by Refinitiv.<\/p>\n<p>Net sales climbed to $22.92 billion from $22.31 billion last year and were higher than analysts&#x27; expectations of $22.06 billion.<\/p>\n<p>Lowe&#x27;s same-store sales grew by 2.2% in the three-month period. That was a sharp difference from analysts&#x27; prediction of a 1.5% decline, according to StreetAccount.<\/p>\n<p>The retailer has stepped up efforts to attract more home professionals, such as contractors and electricians, since they are steadier and bigger spenders. CEO Marvin Ellison said in a press release that the company&#x27;s sales to pros rose 16% in the third quarter. He said sales on its website jumped by 25%.<\/p>\n<p><strong>Read the company&#x27;s press release here.<\/strong><\/p>\n<p><strong>This is breaking news. Please check back for updates.<\/strong><\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/11\/17\/lowes-low-q3-2021-earnings.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Lowe&#x27;s beat expectations for fiscal third-quarter earnings, as it got a boost from online sales and business from home professionals. The home improvement retailer&#x27;s same-store [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":123059,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Lowe&#x27;s tops estimates as customers invest more in bigger home projects, retailer lifts sales forecast - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/business\/lowes-tops-estimates-as-customers-invest-more-in-bigger-home-projects-retailer-lifts-sales-forecast\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lowe&#x27;s tops estimates as customers invest more in bigger home projects, retailer lifts sales forecast - Fin2me\" \/>\n<meta property=\"og:description\" content=\"Lowe&#x27;s beat expectations for fiscal third-quarter earnings, as it got a boost from online sales and business from home professionals. 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