May 20, 2020 / 10:13 AM / 9 days ago

Lowe's reports over 11% rise in quarterly same-store sales

May 20 (Reuters) - Home improvement retailer Lowe’s Cos Inc reported an 11.2% rise in quarterly same-store sales on Wednesday, as coronavirus lockdowns led people to spend more on tools and paint for home remodelling and repairs.

The company’s net earnings rose to $1.34 billion, or $1.76 per share, in the first quarter ended May 1, from $1.05 billion, or $1.31 per share, a year earlier.

Total net sales rose to $19.68 billion from $17.74 billion.

The company also scrapped its full-year outlook. (Reporting by Uday Sampath in Bengaluru; Editing by Shinjini Ganguli)

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