(Bloomberg) — Peloton Interactive Inc. shares rose Friday after the company reported quarterly sales that topped analyst projections as stay-at-home orders and gym closures continued to spur purchases of the company’s exercise equipment and workout subscriptions.
The New York-based fitness technology company said fiscal fourth-quarter revenue surged 172% from a year earlier to $607.1 million. Analysts were looking for $581 million, according to data compiled by Bloomberg. Profit, excluding certain items, was $89.1 million, or 27 cents a share, in
Lowe’s Cos. reported a strong summer sales pace that beat estimates as housebound Americans in every region did more home improvement while cutting back on other discretionary spending.
Same-store sales in the U.S. rose 35.1%, beating the estimate for a 20.5% gain from Consensus Metrix. Lowe’s adjusted earnings per share for the second quarter ended July 31 of $3.75 also beat the average analyst estimate.
Lowe’s Chief Executive Officer Marvin Ellison said all U.S. geographic areas delivered comparable sales growth of at least 30%, meaning sales grew in even the hardest-hit virus regions as Americans looked for do-it-yourself projects. The momentum has continued into August, with comparable sales so far on par with July’s 28% growth, even as stimulus checks to Americans stopped flowing last month.
Shares rose as much as 3.2% in New York. They had risen 32% year to date through Tuesday