Lowe's shares dropped after its earnings fell just short of estimates, despite massive sales growth
- Lowe's reported Wednesday quarterly same-store sales growth of more than 30%.
- Sales for the third quarter were $22.3 billion, compared to $17.4 billion in the same quarter in 2019.
- Online sales doubled in the third quarter, Lowe's said.
- However, the company's earnings of $1.98 per share were one cent short of estimates from analysts, and its shares fell.
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The company earned $1.98 per share, which is excluding a $1.1 billion pretax loss on extinguishment of debt. This was one cent short of estimates from analysts, based on Refinitiv data.During the COVID-19 pandemic, the company pumped a lot of money into its online business and gave bonuses to employees. Lowe's said it had invested $245 million into COVID-19 support for hourly staff.
Lowe's shares fell about 6% in premarket trading.
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