By Matt Grossman

Lowe's Cos. Inc. on Wednesday said its results for the first fiscal quarter have put the hardware store chain ahead of the track it laid out in a robust market scenario in a December forecast.

That forecast estimated fiscal 2021 sales of $86 billion. In the first fiscal quarter, which ended May 1, Lowe's sales were $24.42 billion.

The company said better-than-expected results so far this year and the macroeconomic backdrop have boosted its confidence in strong full-year results, including market-share gains and a 12% operating margin.

Lowe's said it continues to plan for $9 billion in share repurchases and $2 billion of capital expenditures in the fiscal year.

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

(END) Dow Jones Newswires

05-19-21 0646ET