Lowe’s posted its fiscal first quarter earnings that surpassed Zacks consensus expectations, even as revenue missed estimates.
The home improvement retailer’s earnings came in at $3.51 a share, exceeding the Zacks Consensus Estimate of $3.24. It is +9.3% higher from the year-ago quarter.
Net sales fell -3.1% year-over-year to $23,659 million, below the Zacks Consensus Estimate of $23,731 million. Comparable sales dropped -4% in the quarter. Comparable sales for the U.S. home-improvement business dipped -3.8%. Pro customer sales surged +20%.
For fiscal 2022, Lowe’s reaffirmed its outlook for revenues of $97-99 billion (vs. revenues of $96.3 billion in fiscal 2021).
The company expects comparable sales in fiscal 2022 in the range of a decrease of -1% to an increase of + 1%. Its projected operating margin is 12.8-13%.