Lowe's Companies, Inc. have reported that their sales for the second quarter have increased to $17.3 billion from $16.6 billion of the same quarter in 2014, according to a press release issued by Lowe's.
The second-quarter sales showed an increase of 4.5 percent, compared to its 2014 result in the same quarter.
Reuters adds that Lowe's 4.3 percent increase in comparable sales has beaten the 3.9 percent expectation of analysts surveyed by Consensus Matrix.
Analysts surveyed by Thomson Reuters I/B/E/S were also expecting, on average, revenues of $17.27 billion.
Robert A. Niblock, chairman, president and CEO of Lowe's, said in the press release that the company's solid sales result was due to the opportunities that the "big-ticket market" provided.
"We posted solid results for the quarter and were able to capitalize on big-ticket market share opportunities with strong growth in categories like appliances and outdoor power equipment," he said.
Reuters adds that the solid results also show the increased activity of home remodeling in the U.S. and the recovery of its housing market.
It shows that consumers are willing to spend money to remodel their homes.
Lowe's also reported its net earnings at $1.13 billion, or $1.20 per share, an increase from last year's $1.04 per share earnings of the same quarter, according to the press release.
The net earnings showed a 15.4 percent increase this year.
Reuters, though, said that analysts surveyed by Thomson Reuters I/B/E/S were expecting, on average, net earnings of $1.24 per share.
Despite net earnings missing estimates, the company is still happy with the results.
"Our year-to-date earnings per share performance were in line with our expectations," Niblock said in the press release.
The good results allowed Lowe's to have confidence in their full-year business outlook.
"This, together with the execution of our strategic priorities, gives us confidence in our Business Outlook for 2015," Niblock said in the press release.
The company is expecting its total sales to increase by 4.5 percent to 5 percent and its earnings per share to about $3.29 for the fiscal year ending in January 29, 2016, according to the press release.
