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Home improvement retailer Lowe’s Corporation reported a slight increase in its net earnings for the first three months of the year, even as sales were hit by the cooler temperatures during the quarter.
Source: Lowe’s
LOW is down 3.21%, while PKW is down 1.85%.
Net earnings for the first quarter were recorded at $2.333 billion, slightly higher than the $2.321 billion in the same quarter in 2021. Diluted earnings per share climbed to $3.51 from $3.21 in the same quarter last year.
First-quarter net sales declined to $23.659 billion from $24.422 billion, as the colder temperatures impacted the firm’s outdoor seasonal categories, with some 75% of its customer base DIY.
Chairman, President, and Chief Executive Officer Marvin Ellison said sales trends have started to improve in May amid the spring season, with the firm affirming its full-year 2022 outlook.
Lowe’s expects total sales between $97 billion to $99 billion, including the 53rd week, which is seen to boost total sales by approximately $1.0 billion to $1.5 billion. The diluted earnings per share is expected to range from $13.10 to $13.60.
Lowe’s has set a spending program of $2 billion for the year, with the company repurchasing some 19 million shares for $4.1 billion and $537-million dividend payments in the first quarter.
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