Shares of Lowe's Companies bounced 1.7% in premarket trading Wednesday, after the home improvement retailer reported fiscal fourth-quarter profit and sales that beat expectations, and provided an upbeat full-year earnings outlook. Net income rose to $1.21 billion, or $1.78 a share, from $978 million, or $1.32 a share, in the year-ago period. The FactSet consensus for earnings per share was 71 cents. Sales grew 4.8% to $21.34 billion, above the FactSet consensus of $20.
21 billion, or $1.78 a share, from $978 million, or $1.32 a share, in the year-ago period. The FactSet consensus for earnings per share was 71 cents. Sales grew 4.8% to $21.34 billion, above the FactSet consensus of $20.93 billion, as cost of sales increased 3.3% to $14.31 billion to lift gross margin to 32.9% from 31.8%. Same-store sales increased 5.0%, to beat the FactSet consensus of a 3.0% rise, while U.S. same-store sales growth of 5.1% topped expectations of 4.1% growth.