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Lowe’s Stock Slips After Earnings Beat, Sales Lag Estimates

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Lowe's Stock Slips After Earnings Beat, Sales Lag Estimates

Lowe’s (LOW) – Get the Lowe’s Companies, Inc. report Shares edged lower after the home improvement chain reported fiscal first-quarter net income that beat analysts’ estimates while total revenue missed estimates.

In a statement, Chairman, President and Chief Executive Officer Marvin Ellison said sales for the quarter were “in line with our expectations, excluding our outdoor seasonal categories,” which were affected by 4 The effects of unusually cold weather during the month.

“Now that spring is finally here, we’re pleased with the improvement in sales trends that we saw in May.”

The Mooresville, N.C.-based chain earned $3.51 a share in the quarter ended April 29, compared with $3.21 a share a year earlier. Net sales fell to $23.66 billion from $24.42 billion.

The consensus estimate from a FactSet survey of analysts was earnings per share of $3.22 on revenue of $23.76 billion.

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Comparable sales fell 4%. The FactSet survey had been looking for a 2.5% drop.

As a last check, Lowe’s stock is down 2.1% around $190. The stock’s 52-week low of around $182 was set in August of last year.

Tuesday’s rival Home Depot (HD) – Get Home Depot, Inc. Report The company posted stronger-than-expected first-quarter earnings and raised its full-year profit forecast as the domestic housing market remains buoyant.

Lowe’s confirmed its fiscal 2023 outlook. The company expects earnings of $13.10 to $13.60 per share on revenue of $97 billion to $99 billion. Week 53 of the fiscal year should add $1 billion to $1.5 billion to total sales.

A FactSet poll for the current fiscal year expected earnings of $13.34 per share on revenue of $98.11 billion.

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