Lowe's net sales top Wall Street estimates in the first quarter
) reported first-quarter net sales that topped analysts' estimates, as the DIY-retailer was boosted by growth in its online offerings and services for professionals.
However, the company said that this decline in discretionary spending was being partially offset by positive comparable sales in its digital store and Pro option, which caters to contractors. Net sales at the North Carolina-based group came in at $21.36 billion in the three months ended on May 3, slipping by 4.4% compared to the year-ago period. However, the total was above Bloomberg consensus estimates of $21.13 billion.
Lowe's also confirmed its full-year outlook, with Ellison noting that it is"pleased" with the start to its spring performance. Annual sales are projected to be between $84 billion to $85 billion, while diluted per-share income is seen at $12.00 to $12.30.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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