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Lowe’s expects sales to rise about 22% in fiscal 2020 as turnaround efforts gain traction

December 9, 2020

Via: CNBC
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Lowe’s said Wednesday it expects sales to grow by about 22% next year, as its turnaround efforts gain momentum, and it gets a boost from the popularity of home improvement projects during the coronavirus pandemic.

Same-store sales are expected to rise by about 23% during the same period, helping it to earn between $7.53 to $7.63 per share, the company said. After adjustments, Lowe’s forecast earnings of $8.62 to $8.72 per share.

Lowe’s shares were up about 4%in trading Wednesday. So far this year, the company’s shares are up about 26%, bringing its market value to $116.5 billion.

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