Lowe’s offers soft sales outlook as revenue misses expectations
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Loading... - Sandra Gruber
- 01 Mar 2023
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On Wednesday reported fiscal fourth-quarter sales that fell short of Wall Street’s expectations, while also issuing a conservative outlook for the current year.
Here’s how the retailer did compared with what Wall Street was anticipating, based on a survey of analysts by Refinitiv:
- Earnings per share: $2.28 adjusted, vs. $2.21 expected
- Revenue: $22.45 billion vs. $22.69 billion expected
The company’s reported net income for the three-month period that ended Feb. 3 was $957 million, compared with $1.21 billion, or $1.78 per share, a year earlier.
Sales rose to $22.45 billion from $21.34 billion a year earlier. However, Lowe’s fiscal fourth quarter included an extra week that saw $1.4 billion in sales. Without that additional week, sales would have declined slightly from the year-ago period.
Overall same-store sales fell 1.5%, with a 0.7% decline in the U.S. Read More..
