(Lowe) Lowe’s Company Inc. posted net earnings of $3.0 billion or $4.25 EPS in the second quarter, up from $2.8 billion or $3.74 EPS in the comparable quarter of 2020.
In the second quarter, the company’s total sales were $27.6 billion, up from $27.3 billion in the comparable quarter of 2020.
Comparable sales in the second quarter fell 1.6% year over year, with comparable sales in the US home improvement business down 2.2%.
A total payout to front-line hourly associates of $91 million was recorded in the second quarter, up $20 million above the target level as all stores earned a Winning-Together profit-sharing bonus.
Lowe now expects about $92 billion in FY21 revenues, about 30% comparable sales increase on a two-year basis.
FY21 gross margin rate is expected to be slightly higher, compared to 2020. The company projects an operating margin of 12.2% in FY21.
Lowe expects a stock repurchase of at least $9 billion shares in FY21.
LOW: NYSE is up +11.74%.
