Sarah Patel's Avatar
published in Blogs
Aug 19, 2022
Lowe's (LOW, $210.64) beats Q2 earnings expectations

Lowe's (LOW, $210.64) beats Q2 earnings expectations

Lowe’s reported earnings per share  of $4.67, exceeding the Zacks Consensus Estimate of $4.63.

Net sales fell -0.3% from the year-ago quarter to  $27,476 million, missing the Zacks Consensus Estimate of $28,195 million.

Same-store sales slipped -0.3% in the quarter. However, comparable sales for the U.S. home-improvement business rose 0.2% in the reported quarter, and pro-customer sales climbed 13% in its ninth consecutive quarter of a double-digit growth.

For fiscal full-year 2022, Lowe’s reaffirmed its outlook on revenues in the range of $97-99 billion , with the 53rd week expected to register an increase in sales by $1-$1.5 billion. Lowe’s revenues were $96.3 billion in fiscal 2021,

The company expects comparable sales in fiscal 2022 in the range of - 1% to +1%. It expects earnings per share of $13.10-$13.60 for the current fiscal year.

Related Tickers: LOW