reported fiscal second-quarter adjusted earnings that topped analysts’ forecasts, and said it expects fiscal-year sales toward the bottom end of $97 billion to $99 billion.
(ticker: LOW) were up 3.2% in premarket trading to $221.. Coming into Wednesday, the stock has declined 17.2% this year.
Lowe’s earned $4.67 a share in the second quarter on sales that fell 0.3% to $27.5 billion. Total same-store sales in the period fell 0.2%. U.S. comparable-store sales gained 0.2%.
The company said in a statement that “DIY sales were impacted by the shortened spring and lower demand in certain discretionary categories, which was partially offset by a 13% increase in Pro customer sales.”
Analysts surveyed by FactSet expected Lowe’s to report second-quarter earnings of $4.58 a share on sales of $28.1 billion. A year earlier, Lowe’s earned $4.25 a share on sales of $27.6 billion. Analysts expected an increase in same-store sales of 2.1%, and U.S. same-store sales to rise 1.9%.
Gross margin in the second quarter was 33.2% vs. 33.8% a year earlier.
Lowe’s said it expects fiscal-year earnings of $13.10 to $13.60 a share, with profit “toward the top end of its outlook range.” Same-store sales in the fiscal year were forecast at down 1% to up 1%.
The Lowe’s report follows by a day earnings from
the largest home-improvement retailer.
(HD) posted earnings and revenue that topped forecast and reaffirmed its 2022 guidance. Home Depot shares rose more than 4% on Tuesday and were rising 0.5% early Wednesday.
Write to Joe Woelfel at firstname.lastname@example.org