Lowe’s 4Q results surge as people plow money into homes

NEW YORK (AP) — Lowe’s Cos. extended its strong sales streak through the holiday season as customers kept investing in their homes during the pandemic.

The nation’s second largest home improvement retailer behind Home Depot reported that fourth-quarter profits almost doubled from a year ago, while sales rose 27%. Both results surpassed Wall Street expetcations.

Sales at stores opened at least a year at the Mooresville, North Carolina-based retailer soared nearly 29%.

The strong showing followed results from Home Depot, which reported Tuesday that fourth-quarter sales surged 25%.

Global sales at Home Depot stores open at least a year, a key indicator of a retailer’s health, climbed 24.5%, and by 25% if only U.S. stores are counted.