Lowe’s Says Earnings Will Beat Estimates
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Lowe’s Cos., the second-largest home-improvement chain, said its fiscal fourth-quarter earnings would beat forecasts after warmer-than-expected weather helped increase sales at stores open at least a year.
Same-store sales in the quarter ended Friday exceeded the company’s forecast of 3% to 5% growth, and profit topped its estimate of 22 cents to 24 cents a share, Lowe’s said. Analysts’ average estimate was 23 cents, according to Thomson Financial/First Call. Net income for the year-earlier period was 18 cents a share, adjusted for a stock split announced in May.
Shares of Lowe’s rose 66 cents to close at $46.36 on the New York Stock Exchange.
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