Lowe's sales beat on de­mand for ap­pli­ances, out­door equip­ment

The Pak Banker - - BUSINESS -

VIR­GINIA: Lowe's Cos Inc (LOW.N), the No.2 U.S. home im­prove­ment chain, re­ported stronger-than-ex­pected growth in its quar­terly same-store sales, helped by higher de­mand for items such as ap­pli­ances and out­door power equip­ment. The com­pany's same-store sales rose 4.3 per­cent in the sec­ond quar­ter, stronger than the 3.9 per­cent ex­pected by an­a­lysts polled by re­search firm Con­sen­sus Metrix. Lowe's sells items such as re­frig­er­a­tors, dish­wash­ers and wash­ing ma­chines in its kitchens and ap­pli­ances cat­e­gory, its big­gest by sales, ac­count­ing for 14 per­cent of to­tal sales. The com­pany's out­door power equip­ment cat­e­gory, which in­cludes chain­saws, lawn mow­ers and branch trim­mers, con­trib­utes about 4 per­cent to to­tal sales.

Larger ri­val Home De­pot Inc (HD.N) also re­ported a stronger-than-ex­pected rise in quar­terly same-store sales on Tues­day, helped by in­creased home re­mod­el­ing ac­tiv­ity in the United States and a re­cov­ery in the hous­ing mar­ket. U.S. hous­ing starts rose to a near eight-year high in July as builders ramped up con­struc­tion of sin­gle-fam­ily homes, while U.S. home­builder sen­ti­ment rose in Au­gust to its high­est level in al­most a decade.

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