LOW Lowes Companies Inc

By Matt Grossman

Lowe's Cos. Inc. on Wednesday logged greater earnings but flatter sales growth in the second quarter as the company faced a steep year-ago comparison amid the Covid-19 pandemic's boost to the home-improvement industry.

The Mooresville, N.C.-based retailer posted earnings of $4.25 a share in the three months ended July 30, a rise from $3.74 a share in the comparable quarter a year earlier.

Excluding charges in the prior-year period related to the strategic review of certain operations, earnings were $4.25 a share, above the $3.95 a share that analysts polled by FactSet were forecasting.

Net earnings were $3.02 billion, up from $2.83 billion in 2020's second quarter.

Revenue was $27.57 billion, up slightly from $27.3 billion 12 months earlier. Analysts were anticipating revenue of $26.74 billion.

Comparable sales declined 1.6% overall and by 2.2% in the U.S. U.S. comparable sales remained up by 32% on a two-year basis, Lowe's said.

Sales to professional contractors rose 21% year over year, and home-installation services were up 10%.

Write to Matt Grossman at matt.grossman@wsj.com

(END) Dow Jones Newswires

August 18, 2021 06:35 ET (10:35 GMT)

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