Consumers sporting protecting masks wait in line to enter a Lowe’s Cos. retailer in San Bruno, California, U.S., on Wednesday, Could 20, 2020.

David Paul Morris | Bloomberg | Getty Pictures

Lowe’s mentioned Wednesday that its fourth-quarter same-store gross sales climbed 28.1%, as shoppers continued to spend cash on house initiatives in the course of the pandemic.

That is larger than the 22% progress that analysts anticipated, in keeping with StreetAccount.

Shares of the corporate had been up lower than 1% in premarket buying and selling.

This is what the corporate reported for the quarter ended Jan. 29 in contrast with what Wall Road was anticipating, based mostly on a survey of analysts by Refinitiv:

  • Earnings per share: $1.33, adjusted, vs. $1.21 anticipated
  • Income: $20.31 billion vs. $19.48 billion anticipated

Lowe’s reported fourth-quarter web revenue of $978 million, or $1.32 per share, up from $509 million, or 66 cents per share, a 12 months earlier.

Excluding gadgets, it earned $1.33 per share, exceeding the $1.21 per share anticipated by analysts surveyed by Refinitiv.

Web gross sales rose to $20.31 billion, outpacing analysts’ expectations of $19.48 billion.

Gross sales at its U.S. shops open at the least a 12 months and on-line grew by 28.6% within the quarter.

Lowe’s CEO Marvin Ellison mentioned in a press launch that the corporate noticed excessive demand throughout the board. It had gross sales progress of 16% in all merchandising departments and of greater than 19% in all areas of the nation. On-line gross sales grew by 121% within the quarter, he mentioned.

Lowe’s reiterated its prior forecast. At an investor day in December, Chief Monetary Officer David Denton mentioned home improvement sales will likely decline in 2021 as extra folks get Covid-19 vaccines and spend extra time outdoors of their houses. He mentioned the retailer’s outlook for 2021 anticipates a between 5% and seven% drop in demand for the house enchancment sector on a combination adjusted foundation.

The corporate mentioned it spent over $100 million within the fourth quarter and greater than $900 million for the 12 months on further Covid-related pay and advantages for workers. It mentioned it spent almost $1.3 billion in pandemic-related bills, together with larger wages and retailer security measures within the fiscal 12 months.

As of Tuesday’s shut, Lowe’s shares are up almost 35% over the previous 12 months. The corporate’s market worth is $123.53 billion.

Learn the whole press launch here.

This story is growing and will probably be up to date.

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