Home retailer Lowe’s (NYSE:LOW) beat earnings estimates as projects by home professionals helped drive sales in the second quarter.
Lowe’s said its profit rose to $3.02 billion U.S., or $4.25 U.S. per share, from $2.83 billion U.S., or $3.74 U.S. per share, a year earlier. The latest results beat the $4.01 U.S. a share that was expected by analysts.
The company’s net sales climbed to $27.57 billion U.S. from $27.30 billion U.S. last year, and were higher than analysts’ expectations of $26.85 billion U.S.
The home improvement retailer has reported multiple quarters of strong growth. Lowe’s main rival, Home Depot (NYSE:HD), fell short of expectations for same-store sales in the second quarter as some customers’ appetite for do-it-yourself projects faded.
Lowe’s shares closed down 5.8% to $182.26 on Tuesday (August 17) after Home Depot’s disappointing earnings report. Lowe’s stock price is up about 14% so far this year.
