Investing.com - The world's second largest home improvement retailer Lowe’s reported fiscal fourth quarter earnings that were broadly in line with market expectations, it announced early Wednesday.
Lowe’s said adjusted earnings per share came in at $0.31 cents for the quarter ended January 31, meeting expectations. The company’s fiscal fourth quarter revenue totaled $11.66 billion, below forecasts for revenue of $11.96 billion.
Comparable sales for the quarter increased 3.9%, missing expectations for a gain of 4.2%.
"During the quarter, we delivered solid performance in core home improvement categories, balancing softer sales of seasonal gifts and holiday decorations. When extreme winter weather arrived late in the quarter, our distribution network responded quickly and efficiently to move product where it was most needed," commented Robert A. Niblock, Lowe's chairman, president and CEO.
The company’s Board of Directors authorized the repurchase of an additional $5 billion of the company's common stock. The remaining balance of $1.3 billion under the previous authorization will continue to be utilized, for a total authorization of $6.3 billion as of January 31, 2014.
For fiscal year 2014, the company expects diluted earnings per share of approximately $2.60 for the fiscal year ending January 30, 2015. Total sales are expected to increase approximately 5% during the period, while comparable sales are expected to increase approximately 4%.
Following the release of the report, Lowe’s Companies shares rose 1.4% in pre-market trade.
Meanwhile, the outlook for U.S. equity markets was mildly higher. The Dow Jones Industrial Average futures pointed to a gain of 0.35% at the open, S&P 500 futures added 0.4%, while the Nasdaq 100 futures indicated a rise of 0.45% at the open.