Lowe’s reported third quarter earnings of $3.27 per share, beating analysts’ expectations of vs. $3.10
The home improvement retail chain’ s revenue rose +3% from the year-ago quarter to $23.48 billion, also topping the Street estimates of $23.13 billion.
According to CNBC report, Chief Executive Marvin Ellison indicated that the tough housing market and rising interest rates haven't impacted Lowe's customer base, as many homeowners in the U.S. have fixed interest rates or have paid off their mortgages, and are unaffected by the Fed's rate increases. Ellison also mentioned that many homeowners have experienced increases in their home equity values, leading them to investing and renovating (CNBC reported).
Lowe's now expects full-year earnings of $13.65 to $13.80, up from prior forecast of $13.10 to $13.60. It expects revenue of about $97 billion to $98 billion vs. previous top-end outlook of $99 billion. Lowe's revised forecast for comparable sales to be flat or down 1%, vs. earlier projection of down -1% to up +1%.