By Matt Grossman

Lowe's Cos. on Wednesday posted a larger fourth-quarter profit and said its comparable-store sales grew 28% as the Covid-19 pandemic continued to drive more demand for home projects and equipment.

The Mooresville, N.C.-based home-improvement retailer logged earnings of $1.32 a share, up from 66 cents a year earlier. Its net earnings were $978 million, compared with $509 million in 2019's fiscal fourth quarter.

The company's adjusted profit was $1.33 a share. Analysts surveyed by FactSet had been expecting an adjusted profit of $1.21 a share.

Revenue was $20.31 billion, up from $16.03 billion. Analysts had been forecasting revenue of $19.42 billion.

Lowe's said its spending in the quarter on Covid-19-related employee support totaled more than $100 million, contributing to more than $900 million of such expenses through the entire fiscal year.

The company said it finished the quarter with 1,974 stores in the U.S. and Canada.

Lowe's said it is planning $9 billion in share buybacks and $2 billion in capital expenditures in 2021.

Write to Matt Grossman at matt.grossman@wsj.com

(END) Dow Jones Newswires

02-24-21 0637ET