Lowe's Companies Inc LOW:NYSE

Last Price$177.36NYSE Previous Close - Last Trade as of 7:00PM ET 7/01/22

Today's Change+2.69(1.54%)
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Day Low / High$174.64 - 178.59
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Lowe's Companies Quarterly Sales Trail Views on Weather-Related Hit to Do-It-Yourself Demand

10:15AM ET 5/18/2022 MT Newswires
Lowe's Companies' (LOW) fiscal first-quarter revenue missed Wall Street estimates and comparable sales fell more than expected as a prolonged winter season weighed on the home improvement retailer's do-it-yourself, or DIY, category.

Revenue for the three months ended April 29 totaled $23.66 billion, down from $24.42 billion a year earlier and shy of the consensus on Capital IQ for $23.72 billion. The company's earnings, however, rose to $3.51 per share from $3.21, coming in ahead of the $3.23 GAAP mean estimate.

Comparable sales declined by 4%, more than the 3.1% drop penciled in by the Street.

"We experienced a delayed spring selling season due to prolonged unfavorable weather that impacted spring-related categories," Chief Executive Marvin Ellison told analysts on a call, referring to the DIY segment that drives 75% of the company's overall sales. Revenue declined by double digits in several northern markets where the season began particularly late, he said.

"Spring has finally arrived, and we are seeing the anticipated improvement in our seasonal sales in the month of May," Ellison said on the call, according to a Capital IQ transcript. Sales to home-improvement professionals increased 20%.

Lowe's affirmed its full-year outlook, including expectations for EPS to be $13.10 to $13.60 on sales of $97 billion to $99 billion. The consensus is for the company to report EPS of $13.39 and revenue of $97.94 billion.

Lowe's continues to project comparable sales to range from a drop of 1% to a 1% rise in the year to January, versus a 0.5% gain modeled by analysts.

Price: 189.85, Change: -4.18, Percent Change: -2.15