Lowe’s Q1 figures beat expectations

One of the largest home improvement companies in the US revealed its fiscal first-quarter 2021 figures, topping Wall Street expectations

The strong results came as people stayed home and spent their money on remodeling their houses. Stimulus checks supported bigger projects, pushing demand for patio items and grills higher. Also, home professionals proved to be a steadier and lucrative type of customer.

Lowe’s reported an EPS of $3.21 on revenues of $24.42 billion. The latter came significantly higher than what it reported during the same time last year - $19.68 billion. At the same time, its same-store sales jumped 25.9% in the quarter, higher than the 20.3% touted by analysts.

For the future, Lowe’s plans to keep adding more brands to its stores and website to provide a wide range of products from lumber to pillows. Lowe’s is confident that it will top its $86 billion sales outlook.

Since the beginning of the year, Lowe’s stock price went up 20%, bringing its market value to $138.24 billion.

Source: cnbc.com