LOS ANGELES, CA – AUGUST 20: The exterior sign of a Lowe’s Home Improvement store is seen on August 20, 2024 in Los Angeles, California. The company beat second-quarter profit expectations, but sales missed expectations and blamed inflation for its full-year forecast. (Photo by Eric Thayer/Getty Images)
Eric Thayer | Getty Images News | Getty Images
Lowe’s The company’s quarterly profit topped Wall Street forecasts on Tuesday as outdoor DIY projects, home pro business and strong online shopping boosted sales.
However, even with better-than-expected results, the home-improvement retailer still expects annual sales to decline. The company updated its full-year guidance on Tuesday and now expects total sales to be between $83 billion and $83.5 billion, up from its previous forecast of $82.7 billion to $83.2 billion. The company said it expected comparable sales to fall 3% to 3.5%, slightly better than its previous forecast of a 3.5% to 4% decline.
Lowe’s has come a long way from the same period last year, when the company lowered its forecast and sales were down nearly 13%. it’s also Full-year forecast lowered In August, home improvement demand was expected to be weak in the second half of the year due to high interest rates.
Here’s how the company’s report for the three months ended Nov. 1 compared with Wall Street expectations, according to a survey of analysts by London Stock Exchange Group (LSEG):
- Earnings per share: Adjusted $2.89, expected $2.82
- income: US$20.17 billion, expected US$19.95 billion
In the fiscal third quarter, Lowe’s net income fell to $1.7 billion, or $2.99 ​​per share. This compares to $1.77 billion, or $3.06 per share, Same period last year. Revenue fell from $20.47 billion in the same period last year.
Lowe’s competitors, home depotit was reported last week that customers Still putting off bigger projects and more expensive purchasesEven after the Fed cut interest rates twice. Home Depot’s sales and profit estimates beat Wall Street expectations, but its comparable sales fell for the eighth straight quarter. However, due to hurricane-related demand, warm-weather residential projects and Acquisition of SRS Distributiona company that sells supplies to landscaping, pool and roofing professionals.
As of Monday’s close, Lowe’s shares had risen about 22% this year. That’s lower than the S&P 500’s gain of about 24% during the same period. The company’s shares closed at $271.77 on Monday, giving Lowe’s a market value of $154.17 billion.
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