Business

Lowe’s (LOW) Q1 2024 earnings

Lowe’s remains stuck on its full-year guidance. It said it expects total sales to be between $84 billion and $85 billion, which would be down from $86.38 billion in fiscal 2023. It expects comparable sales to decline between 2 and 3% from the previous year and expects earnings per share of around $12 to $12.30.

Here’s what the company reported for the fiscal first quarter compared to what Wall Street expected, based on a survey of analysts by LSEG:

  • Earnings per share: $3.06 versus $2.94 expected
  • Revenue: $21.36 billion versus $21.12 billion expected

In the three months ended May 3, Lowe’s net income fell to $1.76 billion, or $3.06 per share, from $2.26 billion, or $3.77 per share. action, a year earlier.

Sales fell from $22.35 billion a year ago. This marks the fifth consecutive quarter that Lowe’s has posted a year-over-year sales decline.

Compared to Home Depot, Lowe’s gets less of its business from painters, contractors and other home professionals who tend to provide steadier business even when DIY customers pull out. About half of Home Depot’s sales come from professionals, compared to about 20 to 25 percent at Lowe’s.

Still, Lowe’s is working to win business from more of these professionals. In the company’s press release, CEO Marvin Ellison said gains among professionals and growth in online sales helped partially offset declines in DIY spending.

Lowe’s is behind last year’s quarter, when the company lowered its full-year outlook and reported a year-over-year decline in sales. At the time, Ellison warned investors that the retailer expected “a pullback in discretionary consumer spending in the near term.”

Since then, for each of the three quarters, Lowe’s sales have also declined compared to last year’s periods.

Lowe’s shares closed Monday at $229.17, bringing the company’s market value to $131.13 billion. As of Monday’s close, the company’s shares were up nearly 3% this year, trailing the S&P 500’s 11% gains.

This is breaking news. Please check again for updates.

News Source : www.cnbc.com
Gn bussni

Sara Adm

Aimant les mots, Sara Smith a commencé à écrire dès son plus jeune âge. En tant qu'éditeur en chef de son journal scolaire, il met en valeur ses compétences en racontant des récits impactants. Smith a ensuite étudié le journalisme à l'université Columbia, où il est diplômé en tête de sa classe. Après avoir étudié au New York Times, Sara décroche un poste de journaliste de nouvelles. Depuis dix ans, il a couvert des événements majeurs tels que les élections présidentielles et les catastrophes naturelles. Il a été acclamé pour sa capacité à créer des récits captivants qui capturent l'expérience humaine.
Back to top button