The stock witnessed a 5.7% rise in total revenue to $16,599 million due to strong performance during the peak selling season. Moreover, total revenue came ahead of the Zacks Consensus Estimate of $16,529 million. Additionally, comparable-store sales increased 4.4% on a consolidated basis in the quarter. In dollar terms, gross profit rose 6.3% year over year to $5,735 million. Moreover, gross profit margin improved 20 basis points to 34.55% mainly due to lower cost of sales as a percentage of net sales.
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Lowe's Q2 Earnings Surge as Home Improvement Spending Rise - Yahoo Finance
The Mooresville, North California-based company's quarterly sales grew 5.7 percent to $16.60 billion from $15.71 billion in the same quarter last year, while 24 analysts estimated sales of $16.55 billion. Comparable sales increased 4.4 percent. "We were able to recover most of the outdoor product sales missed in the first quarter due to unfavorable weather conditions," said Robert Niblock, chairman, president and CEO.
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