A Lowe’s worker walks by means of the shop through the grand opening of the Lowe’s retailer in San Francisco, California.
Lowe’s reported third-quarter earnings on Wednesday that beat analysts’ expectations, with income up in comparison with the identical interval final 12 months.
The house enchancment retailer additionally up to date its steering, reducing the highest finish of its income outlook to roughly $97 to $98 billion for the total 12 months. The earlier prime finish was $99 billion. Lowe’s additionally lower steering for comparable gross sales to be flat or down 1%, in contrast with earlier this 12 months when it anticipated it to be down 1% to up 1%.
This is what Lowe’s reported on Wednesday in contrast with analyst expectations, based mostly on a survey of analysts by Refinitiv:
- Earnings per share: $3.27 vs. $3.10
- Income: $23.48 billion vs. $23.13 billion
Income was up 3% in contrast with the identical interval final 12 months.
The corporate stated its earnings have been pushed by 19% development in its skilled phase, and that its do-it-yourself gross sales improved. Lowe’s added its web site gross sales grew 12%.
Lowe’s will focus on the outcomes on its earnings convention name, set for 9 a.m. ET Wednesday.
Lowe’s earnings report comes a day after Home Depot‘s third quarter earnings beat analyst’s estimates. On Tuesday, House Depot stated its skilled and do-it-yourself gross sales had optimistic development through the interval, including that professionals have stated their backlogs stay sturdy.
House Depot executives on Tuesday had famous the corporate was “navigating a singular surroundings,” and was unable to foretell how rising prices and different pressures have been affecting its prospects. The corporate stated that whereas its buyer transactions have been down, it had larger ticket costs pushed by inflation.
This can be a growing story. Test again for updates.