reported adjusted fiscal second-quarter earnings that beat analysts’ estimates and said it expected fiscal year sales in the low end of $97 billion to $99 billion.
(ticker: LOW) rose 3.2% in premarket trading to $221.. Looking ahead Wednesday, the stock is down 17.2% this year.
Lowe’s earned $4.67 per share in the second quarter on sales that fell 0.3% to $27.5 billion. Total same-store sales for the period were down 0.2%. US comparable-store sales rose 0.2%.
The company said in a statement that “DIY sales were impacted by a shortened spring and lower demand in certain discretionary categories, which was partially offset by a 13% increase in Pro customer sales.”
Analysts polled by FactSet had expected Lowe’s to report second-quarter earnings of $4.58 per share on sales of $28.1 billion. A year earlier, Lowe’s earned $4.25 per share on sales of $27.6 billion. Analysts had expected same-store sales to rise 2.1%, and same-store sales in the U.S. to rise 1.9%.
Gross margin in the second quarter was 33.2% versus 33.8% a year earlier.
Lowe’s said it expects earnings for the fiscal year of $13.10 to $13.60 per share, with earnings “toward the upper end of the outlook range.” Fiscal year same-store sales were forecast to fall 1% to rise 1%.
Lowe’s report follows daily earnings from
the largest home improvement retailer.
( HD ) posted earnings and revenue that beat estimates and reaffirmed its guidance for 2022. Shares of Home Depot rose more than 4% on Tuesday and were up 0.5% in early Wednesday trading.
Write to Joe Welfel at [email protected]