Lowe's Cos Inc shares surged over 11per cent on Wednesday as the home improvement chain's efforts to focus on higher-spending customers helped it ...
REUTERS: Lowe's Cos Inc shares surged over 11per cent on Wednesday as the home improvement chain's efforts to focus on higher-spending customers helped it beat quarterly profit estimates and gain ground on larger rival Home Depot Inc .
Lowe's said the potential impact of U.S. tariffs on some Chinese imports set to take effect from Sept. 1 was baked in its full-year earnings forecast of US$5.45 to US$5.65 per share, which the company reaffirmed on Wednesday. "Under Ellison, retail basics such as in-stocks, merchandising and customer service are all being improved," Neil Saunders, managing director of GlobalData Retail said.
Lowe's same-store sales growth outpaced Home Depot in the country for the second straight quarter, something that helped push the company's shares higher, according to Stifel analyst John Baugh.
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