Reported $ 2.3 billion net income in the first quarter
On a per-share basis, earnings were $ 3.51 per share, topping the Wall Street forecast of 3.22.
The company has confirmed its outlook for revenue from $ 97 billion to $ 99 billion in 2022 and has earned $ 13.10 to $ 13.60 per share.
Shares of LOW fell 1.6% to 1 191 in pre-market trading on Wednesday. Investors are comparing results
(HD), which raised its guidelines on Tuesday after earning stronger than expected.
Lowe’s total sales in the first quarter were $ 23.7 billion, up from $ 24.4 billion a year earlier. Comparative sales fell more than expected, down 4%, and comparative U.S. sales fell 3.8%.
The company expects comparable sales for the year to range from a 1% decline to a 1% increase.
Shares of Lowe and
The fall this year is due to two main reasons: widespread market shutdowns and concerns that consumers are losing interest in fixing their homes. And the fear that demand has dwindled, or is softening, is now justified by the resurgence of the epidemic, due to red-hot inflation and rising mortgage rates.
But home improvement has catalysts outside the housing market, which has seen signs of cooling. Those external drivers popped up in the last quarter of Home Depot, with comparative sales growth – despite unanimous estimates calling for a small fall – and on a three-year pre-epidemic basis.
And the strong number of home depots – supply-chain disruptions and inflationary chains, but also denying them – is a big positive for Lowe’s, which is echoing and, at times, surpassing the strength of its main competitors across the epidemic.
Still, the Home Depot’s professional business was a standout in the quarters এবং and relied heavily on Low’s own customers. In general, professionals are still working through the backlogs of the project, while the self-e-e-you are back due to the high cost. Consumer inequality was highlighted by the results of Lowe’s, which showed sales to pro consumers increased by 20% in the first quarter.
Moreover, according to Placer.ai, Lowe’s foot traffic decreased more than Home Depot in March and April, compared to the pre-epidemic readings of 2019.
Write to Teresa Rivas at [email protected]