Lowe's beats Wall Street expectations against 'challenging' housing backdrop
Lowe's reported quarterly results that exceeded Wall Street expectations despite a challenging housing market. The company reaffirmed its full-year guidance and reported a 10% increase in revenue compared to the previous year. CEO Marvin Ellison emphasized the company's focus on enhancing customer experience through its Total Home strategy.
- ▪Lowe's earnings per share were $3.03 adjusted, beating the expected $2.97.
- ▪Revenue for the quarter was $23.08 billion, surpassing the anticipated $22.97 billion.
- ▪Comparable sales increased by 0.6% driven by strong online sales and home services.
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Lowe's on Wednesday reported quarterly results that beat expectations on the top and bottom lines and reaffirmed its full-year outlook.Shares of the company sank slightly in premarket trading.Here's how the company performed in its first fiscal quarter compared with Wall Street estimates, according to a survey of analysts by LSEG:Earnings per share: $3.03 adjusted vs. $2.97 expectedRevenue: $23.08 billion vs. $22.97 billion expectedFor the three-month period ended May 1, Lowe's reported net income of $1.63 billion, or $2.90 per share, down just slightly from $1.64 billion, or $2.92 per share, in the year-ago period. Excluding one-time factors like acquisition costs, the company reported adjusted earnings per share of $3.03. Revenue jumped about 10% compared to the previous year.
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