|
Lowe's beats 3Q target
|
 |
November 19, 2001: 7:24 a.m. ET
Home improvement chain sees 4Q results at or above current estimates.
|
NEW YORK (CNN/Money) - Lowe's Companies reported record third-quarter profits Monday, topping Wall Street forecasts, and the nation's No. 2 home improvement retailer said it should be at or above estimates in the current quarter as well.
The Wilkesboro, N.C.-based company earned $250.5 million, or 32 cents a diluted share, for its quarter ended Nov. 2, up from $202.3 million, or 26 cents a share, a year earlier. Analysts surveyed by earnings tracker First Call were looking for earnings of 31 cents a share in the period.
Sales at Lowe's, the No. 2 chain in its segment behind Home Depot Inc. (HD: Research, Estimates), rose 21 percent to $5.5 billion from $4.5 billion, also topping forecasts of $5.4 billion for the period. Sales at stores open at least a year, a closely watched retail measure known as same-store sales, grew 4 percent in the period.
The company said it expects earnings of 22 to 24 cents a share for the fourth quarter, and a 14 percent increase in sales, which would put revenue at $5.18 billion, just above the $5.14 billion First Call forecast.
Click here for a look at retail stocks
Lowe's (LOW: Research, Estimates) stock lost $1.36 to $40.35 in trading Friday ahead of the report. 
|
|
|
|
|
|
|
