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Lowe's posted soaring quarterly sales of more than $20 billion as the pandemic home-improvement boom continues

Added 02-24-21 08:14:02am EST - “Same-store sales for Lowe's rose 28.1% in the fourth quarter of 2020, beating analysts' estimates.” - Businessinsider.com

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Posted By TheNewsCommenter: From Businessinsider.com: “Lowe's posted soaring quarterly sales of more than $20 billion as the pandemic home-improvement boom continues”. Below is an excerpt from the article.

Lowe's rode a sustained boom in demand from people sprucing up their homes as a result of the COVID-19 pandemic, exceeding analyst estimates with quarterly sales of $20.31 billion.

However, the home-improvement chain, like larger rival Home Depot, stayed away from providing a specific forecast for 2021, given the uncertainties in the market due to the health crisis.

Lowe's and Home Depot have been among the biggest retail winners last year as Americans, unable to spend on travel or leisure activities, put more money into minor remodeling and repair works at their homes.

Same-store sales for Lowe's rose 28.1% in the fourth quarter ended January 29, beating analysts' estimates for a 21.2% increase, according to IBES data from Refinitiv. Larger rival Home Depot reported a 24.5% gain on Tuesday.

The rollout of vaccines and the promise of a return to something closer to normal life, however, have raised expectations of slowing sales growth in 2021.

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