New York, NY, United States (4E) – Lowe’s Companies Inc. reported a 6.3 percent growth in fiscal fourth-quarter profit as sales at the home-improvement retailer continue to expand, although results are slightly below analysts’ expectations.
The company also authorized $5bn worth of additional share buybacks. Lowe’s said it will continue to use the $1.3bn balance on its existing authorization, saying that it repurchased $958mn in shares during the fourth period.
In the latest fiscal year, Lowe’s said it forecast per-share earnings of $2.60, which is slightly under the $2.64 recently estimated by Wall Street analysts. The company said it predicts total sales to rise 5 percent for the year, matching analysts’ views. Lowe’s also said it estimates a 4 percent gain in same-store sales for 2014.
Wednesday’s report also showed a 3.9 percent same-store sales growth in the quarter.
Lowe’s competitor Home Depot reported on Tuesday same-store sales growth of 4.4 percent in its fiscal fourth quarter, while predicting a 4.6 percent rise in same-store sales for the fiscal year.