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News > Companies
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Lowe's builds on 1Q
No. 2 home improvement chain beats forecasts on higher sales; projects better results.
May 20, 2002: 8:11 AM EDT

NEW YORK (CNN/Money) - Lowe's Companies Inc.'s fiscal first-quarter profit jumped 53 percent Monday, breezing past Wall Street estimates, as the nation's No. 2 home improvement chain said it benefited from an ongoing refurbishing and redecorating trend in spite of a sluggish economy.

For the latest quarter ended May 3, Lowe's reported earnings of $345.8 million, or 44 cents a share, up from $225.3 million, or 29 cents a share, a year earlier. Analysts polled by earnings tracker First Call anticipated a profit of 36 cents a share.

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First-quarter sales increased to $6.5 billion from $5.3 billion. Sales at stores open at least a year, a key gauge known as same-store sales, increased 7.5 percent in the quarter.

Shares of Lowe's (LOW: Research, Estimates) jumped $2.74 in before hours trading Monday on Instinet to $47.50.

The Wilkesboro, N.C.-based chain also said it expects second quarter earnings of 53 to 54 cents a share, slightly ahead of Wall Street expectations, and full-year earnings of $1.66-$1.69 a share. That's ahead of the $1.58 a share expected by analysts, according to First Call.

Second quarter same-store sales are expected to increase 4-6 percent, and full-year same-store sales are forecast to rise 5 percent.  Top of page






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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.