From CNBC: 2024-05-21 06:21:07

Lowe’s surpassed Wall Street’s earnings and revenue estimates in the fiscal first quarter, despite a downturn in sales of pricey items to do-it-yourself customers. The retailer anticipates total sales between $84 billion and $85 billion for the year, with projected comparable sales dropping between 2% and 3% compared to the previous year.

In the quarter ending May 3, Lowe’s reported earnings per share of $3.06, exceeding analysts’ projected $2.94, with revenue reaching $21.36 billion against an expected $21.12 billion. Net income fell to $1.76 billion from $2.26 billion a year earlier, with sales dropping from $22.35 billion.

Compared to Home Depot, Lowe’s relies less on professionals like painters and contractors but aims to expand that customer base for steadier business. CEO Marvin Ellison attributed partial growth to pros and online sales, offsetting reduced spending from do-it-yourself customers.

Lowe’s stock closed at $229.17, with a market value of $131.13 billion. The company’s stock is up nearly 3% this year, lagging behind the S&P 500’s 11% gains. Despite tough housing market conditions and projections for sales decline, Lowe’s looks to maintain its forecast for the year ahead.



Read more at CNBC:: Lowe’s (LOW) Q1 2024 earnings