Lowe's 4Q results surge as people put money into homes

NEW YORK — 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 expectations. Sales at stores opened at least a year soared nearly 29%, following a 30.4% increase in the fiscal third quarter.

The strong showing, announced Wednesday, 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.

Home improvement stores have become hot destinations during the pandemic, with millions working from home and attending school remotely. Many Americans have found the time to update or change their homes to add home offices and other elements.