Lowe’s stock rose by about 5% on early Wednesday after the company projected sales to rise by about 22% next year, reports CNBC. The higher sales projections are driven by successful turnaround efforts and boosts from home improvement projects during the pandemic.
- Same-store sales are expected to rise by about 23%, translating to between $7.53 to $7.63 per share and adjusted $8.62 to $8.72 per share.
- Lowe expects to generate $423 sales per square foot by the end of this year in light of growing e-commerce demand, and it will raise its goal to $460 per square foot in future.
- During the year, Lowe’s launched a loyalty program to win more business from home professionals, such as electricians and contractors.
- The company overhauled its website to improve navigation and handle traffic, adding new digital fulfillment options such as curbside pickup and in-store lockers.
- This year, Lowe’s stock has gained by about 26%, taking the company’s market value to $116.5 billion.
Lowe stock is currently gaining. LOW: NYSE is up 4.40%
