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Lowe's Companies dropped 5.3% to $193.59 after the home improvement retailer lowered its full-year sales and earnings outlook.

Net sales in the third quarter declined to $20.5 billion from $23.5 billion, net income soared to $1.8 billion from $154 million, and diluted earnings per share rose to $3.06 from 25 cents a year ago.

Earnings in the prior year included an impairment charge of $2.1 billion after the company sold its Canadian retail business.

During the quarter, the company repurchased approximately 7.3 million shares for $1.6 billion and paid $642 million in dividends.

Comparable sales in the quarter declined 7.4% after the pandemic-fueled demand for home improvement projects moderated.

The company lowered its full-year 52-week sales estimate to $86 billion from the previous estimate range of $87 billion to $89 billion.

Comparable sales are expected to decline 5% from the previously estimated range of 2% to 4%.

The company also lowered its adjusted diluted earnings per share estimate to $13.0 from the previous estimate between $13.20 and $13.60.

21 Nov, 2023

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