As Lowe’s homes in on growing online shopping and bringing in more professional contractors and homebuilders, the home improvement retailer registered mixed Q4 results. Its shares increased 1.4 percent in premarket trading, CNBC reported.
Chief Executive Marvin Ellison said in a news release that the firm is making progress in its locations and with its Lowes.com revamp. “Though we are only one year into a multi-year plan, we made significant progress transforming our company and believe we are well-positioned to capitalize on solid demand in a healthy home improvement market,” he said.
The company reported net income of $509 million or 66 cents per share for Q4, compared to a loss of $824 million, or $1.03 per share, a year prior. It earned 94 cents per share with the exclusion of items, coming out ahead of analyst forecasts of 91 cents per share.
Revenues increased from $15.65 billion a year ago to $16.03 billion, but that figure was under the $16.15 billion estimated by analysts. Same-store sales rose by 2.5 percent, which was under the 3.6 percent forecasted by analysts.
The home improvement retailer did not detail its eCommerce sales. Ellison said in a release that almost all of the company’s Q4 sales growth came from physical stores. However, he noted that the firm has “a detailed road map in place to modernize our eCommerce platform.”
In separate news, Home Depot beat Q4 earnings estimates. The retailer supported its past forecast for the year and enhanced its dividend by 10 percent. Home Depot’s stock has been trading at a near-record high, as it is supported by a housing market with rising home values and a formidable U.S. economy. But the merchant has been facing pressure as it dedicates billions to integrating its digital business and its brick-and-mortar stores.
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