Lowe's releases new quarterly financial report! Both revenue and profit declined!

It is learned that on August 17, the US home furnishing retailer Lowe's announced its financial results for the second quarter of 2022. Affected by the shortened spring and the decline in demand for non-essential items, including seasonal products such as patio furniture and grills, the retailer's revenue and profits both declined this quarter.

According to the financial report, in the second quarter, Lowe's revenue was $27.48 billion, lower than the expected $28.12 billion and lower than the $27.6 billion in the same period last year; net profit was $2.99 ​​billion, lower than the $3.02 billion in the same period last year; same-store sales fell 0.3% year-on-year. It is worth noting that the company's adjusted earnings per share this quarter were 4.67 cents, higher than the expected $4.58.

Sales from professionals such as contractors and electricians also increased in the second quarter. Lowe's said the new membership service program is attracting more self-employed contractors and professionals such as electricians to visit the Lowe's platform repeatedly. Specifically, professionals who subscribe to membership services spend three times more on the Lowe's platform than ordinary users.

Although Lowe's transaction volume fell 6% year-over-year in the second quarter, the average order value rose 6.5%. Lowe's CEO Marvin Ellison said that despite rising costs, consumers' financial situation remains healthy.

Marvin Ellison added that Americans' demand for home improvement is expected to increase in the second half of this year, and Lowe's looks forward to seeing further revenue growth.

The following is Lowe's revenue outlook for the full year 2022: total sales are expected to reach US$97 billion to US$99 billion, same-store sales will decrease by -1% to 1% year-on-year, and adjusted profits will be US$1.75 billion; adjusted earnings per share will be US$13.10 to US$13.60.

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