Lowe's Q2 Earnings Surpass Expectations, But Sales Fall Short

2023-08-22 4

Lowe's reported mixed results for its fiscal second quarter, as consumers engaged in springtime projects that helped mitigate declining home improvement demand. The company exceeded Wall Street's earnings expectations but fell short of anticipated sales. Lowe's maintained its full-year forecast, expecting total sales between $87 billion and $89 billion and projecting comparable sales to decrease by 2% to 4% this fiscal year. Earnings per share were $4.56, surpassing the expected $4.49. Revenue was slightly lower than expected at $24.96 billion. Shares rose nearly 3% in premarket trading.