Lowe& 39 S Store Online – CHICAGO, IL – JANUARY 24: Wes Bielinski (left) helps a customer purchase a polishing machine at Lowe’s home improvement store on January 24, 2013 in Chicago, Illinois. Lowe’s said it plans to hire 45,000 part-time workers this spring, the busiest time of year for home improvement retailers. The company also expects to hire 9,000 permanent part-timers. (Photo by Scott Olson/Getty Images)
Lowe’s Companies, the world’s No. 2 home improvement chain by market share, reported better-than-expected quarterly sales growth and forecast better-than-expected 2016 sales as the company benefits. from the steady improvement of the US housing market.
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The company, like its larger rival Home Depot (HD), is benefiting from pent-up housing demand following the 2008 financial recession, while low interest rates and growth in jobs, wages and Credit boosted spending on renovations.
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Lowe’s said it expects sales for the current fiscal year, which will include an extra week, to grow 6 percent, to $62.62 billion. According to Thomson Reuters I/B/E/S, that easily beat the average growth of 4.8% that analysts had estimated.
In addition to the improvement in the housing market, Lowe’s was also supported by unusually warm weather during the holiday quarter that encouraged customers to resume outdoor activities and home renovations.
“We took advantage of the growing demand for exterior products due to warmer weather, while helping our clients tackle interior projects, allowing us to offers active products in all product categories.
Lowe’s sales at long-established stores rose 5.2% in the fourth quarter ended Jan. 29. Analysts expected an average increase of 3.6%, according to the company. study Consensus Metrix.
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Net sales rose 5.6% to $13.24 billion. According to Thomson Reuters I/B/E/S, analysts expect average revenue of $13.07 billion.
Lowe’s net income fell to $11 million, or 1 cent per share, from $450 million, or 46 cents per share, impacted by a $530 million loss charge la when the company exits a joint venture in Australia.
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