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US retailer Lowe's Companies raises FY21 outlook
21 Aug 21 2 min read
Lowe's Companies, a US-based home improvement retail company, has announced second quarter (Q2) sales of $27.6 billion, up 1.1 per cent compared to the sales of $27.3 billion in the corresponding quarter of previous fiscal. Based on strong first half, the company raised its FY21 outlook and expects comparable sales to rise 30 per cent to $92 billion.
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Net earnings for the reported period rose to $3.0 billion (Q2 FY20: $2.8 billion). While operating income grew to $4.2 billion ($3.9 billion).
“Our strong results this quarter demonstrate that our Total Home strategy is working, with US sales comps up 32 per cent on a two-year basis. In the quarter, we drove 21 per cent growth in Pro, 10 per cent growth in Installation Services and strong comps across Décor product categories. On Lowes.com, sales grew 7 per cent on top of 135 per cent growth last year,” Marvin R Ellison, Lowe’s president and CEO, said in a press release.
“I would like to thank our front-line associates for their continued dedication to serving our customers and supporting safety in our stores. Looking forward, I am confident in the positive outlook for our industry, and our ability to drive operating margin expansion and market share gains,” Ellison concluded.
Fibre2Fashion News Desk (JL)
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