Market Updates
Lowe's Issued Cautious Annual Outlook
Scott Peters
17 Aug, 2022
New York City
Lowe's Companies increased 1.6% to $217.45 after the home improvement retailer issued a cautious outlook and cited strong macroeconomic headwinds.
Lowe's said second quarter revenues edged down to $27.5 billion from $27.6 billion a year ago.
Comparable sales in the quarter declined 0.3%.
Comparable sales for the U.S. home improvement business increased 0.2% for the second quarter.
DIY sales were impacted by the shortened spring and lower demand in certain discretionary categories partially offset by a 13% increase in Pro customer sales.
Second quarter net income was flat at $3 billion and diluted earning per share increased to $4.68 from $4.27 a year ago.
During the quarter, Lowe's repurchased approximately 21.6 million shares for $4.0 billion and paid $524 million in dividends.
The company estimated full-year 2022 total and comparable sales toward the bottom end of its outlook range, and expects operating income and diluted earnings per share toward the top end of its outlook range.
Including the 53rd week, Lowe's estimates total sales between $97 billion and $99 billion and comparable sales between the range of 1% decline and increase.
Diluted earnings per share are estimated to fall between $13.10 and $13.60 and repurchase a total of $12 billion of its shares.
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