Lowe’s Profit Tops Estimates on Online Growth
Watch Scarlet and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu -Drew Reading, Bloomberg Intelligence U.S Homebuilding Analyst, recaps Lowe's earnings. Lowe’s Cos. reported profit that topped expectations on a pickup in online sales and growth in demand from professional contractors. Adjusted earnings per share were $3.06 in the third quarter, the company said in a statement Wednesday, compared with the $3.00 estimate of analysts surveyed by Bloomberg. -Mary Ross Gilbert, Bloomberg Intelligence, Senior Equity Analyst, Covering Retail,discusses TJX earnings. TJX Cos. posted sales last quarter above estimates and raised its outlook, signaling that US shoppers are turning to cheaper options as the economy shows signs of stress. The discounter, which runs chains including TJ Maxx and Marshalls, said revenue hit $15.1 billion. Analysts on average expected about $14.9 billion. Its comparable sales topped estimates, too. -Liz Hart, President of Leasing for North America at Newmark, discusses the state of commercial real estate. Despite economic uncertainty amid low consumer sentiment, retail remains strong. U.S. retail availability is 5.3%, above the all-time low of 5.0%, and 120-bps under the long-term average availability rate of 6.5%. This is largely due to a very limited development pipeline, dating back to the GFC. Since 2010, retail has delivered less than 1.0% new supply each year, enabling retail to manage obstacles such as a rising rate of e-commerce sales, the Pandemic, and the current low state of consumer sentiment.See omnystudio.com/listener for privacy information.
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