Market Updates
Lowe's Sales Fall On Colder Weather and Financially Strapped Consumer
Scott Peters
18 May, 2022
New York City
Lowe's Companies, Inc reported first quarter ending in April 2022 sales decreased 3.2% to $23.66 billion and flat net income of $2.33 billion.
Diluted earnings per share in the quarter rose to $3.51 from $3.21 a year ago.
The retailer also increased dividend per share to 80 cents from 60 cents a year ago.
Unusually cold weather in the quarter impacted sales of outdoor seasonal categories.
Operating margin in the quarter rose 65 basis points to 13.96 and the company is looking to improve more in the current year.
Consolidated comparable sales declined 4% in the quarter and fell 3.8% at the U.S. stores.
Comparable sales rose 19.7% on a two-year basis.
About 75% of Lowe's customers are working on remodeling or DIY projects and are sensitive to recent fuel price increases and consumers are replacing their fuel inefficient lawn mowers and laundry machines to battery powered machines.
Guidance & Outlook
The home improvement retailer expects full-year 2022 revenues between $97 billion and $99 billion on a 53-week year basis compared to the 52-week year in 2021.
The company also estimated between $1.0 billion and $1.5 billion in revenues in the 53rd week.
Comparable sales are expected to range between 1% rise and fall and operating margin is expected to be between 12.8% and 13%.
Diluted earnings in the year are expected to be between $13.10 and $13.60.
The company also plans to repurchase total shares of approximately $12 billion.
Company & Stock
As of April 29, 2022, Lowe
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