Lowe's reported earnings before the bell on Wednesday.
Lowe's said adjusted earnings for the three months ending on May 1 came in at $1.77 per share, up 45% from the same period last year and firmly ahead of the Street consensus forecast of $1.22 per share. Group revenues, Lowe's said, rose 11% to a forecast-beating $19.7 billion, with same-store sales in the U.S. rising 12.3% and digital sales surging by around 80%.
"Our strong first-quarter performance, which continues into May, also reflects the benefits of our retail fundamentals strategy, the improvement in our execution, and the resiliency of our home improvement business model," said CEO Marvin Ellison "I am also pleased with our ability to pivot to serve increased online demand with Lowes.com sales increasing 80% in the quarter."
"I am tremendously proud of our associates and how they rose to meet the challenges of this global health crisis, and have continued to serve their communities, providing our customers with the essential products and services they need to keep their homes safe and functional, and their businesses running," he added.
So, what was Jim Cramer's takeaway from the earnings? In the video above, he breaks down why he really wishes he had bought some shares ahead of the report.
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