Lowe’s quarterly same-store sales beat estimates

(Reuters) – Lowe’s Cos Inc beat analysts’ estimates for quarterly same-store sales on Wednesday, as it benefited from a surge in demand for home improvement products from consumers stuck indoors due to the COVID-19 pandemic.

Same-store sales rose 34.2%, beating analysts’ estimates of a 13.2% increase, according to IBES data from Refinitiv. That was higher than larger rival Home Depot Inc’s 23.4% rise.

The company’s net earnings rose to $2.83 billion, or $3.74 per share, for the second quarter from $1.68 billion, or $2.14 per share, a year earlier. [nPnbpC76ca]

(Reporting by Uday Sampath in Bengaluru; Editing by Anil D’Silva)