Lowe’s has reported a 0.2% increase in comparable sales for the fiscal fourth quarter, ending a streak of eight consecutive quarters of declines. The company’s net income for the quarter was $1.13 billion, or $1.99 per share, up from $1.02 billion, or $1.77 per share, the previous year. Revenue, however, fell from $18.60 billion in the year-ago quarter. Despite this, Lowe’s outperformed Wall Street’s expectations, which had anticipated a 1.8% decline in comparable sales. The company’s shares rose over 3% in premarket trading following the announcement. For the full year, Lowe’s expects total sales to range from $83.5 billion to $84.5 billion, with comparable sales projected to be flat to up 1% year over year. Earnings per share are forecasted to be between $12.15 and $12.40. The company’s performance was bolstered by online gains, growth among home professionals, and sales related to hurricane rebuilding efforts. However, discretionary do-it-yourself projects faced pressure.
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