Revenue exceeds $23.6 billion! Lowe's releases mixed Q1 earnings report!

It is learned that on May 18, Lowe's announced its 2022Q1 quarterly financial report as of April 29, which did not meet Wall Street expectations. After the financial report was released, Lowe's stock price fell 5%. It is reported that 75% of Lowe's buyers are DIY enthusiasts. The low temperatures in the United States in April caused Americans to postpone their purchases of grills, patio furniture and gardening supplies. As the temperature rises, sales in May will be boosted, and Lowe's expects Q2 sales to increase.

Lowe's revenue in the first quarter fell 4% year-on-year to $23.66 billion, lower than the expected $23.76 billion, with a profit of $2.33 billion and earnings per share of $3.51, higher than the expected $3.22. Gross profit fell 0.9% year-on-year to $8.05 billion. Sales in the home improvement business fell 3.8%, while sales to professional customers increased 20%.

Lowe's is optimistic about its enhanced product assortment, strong inventory position, improved supply chain capabilities and adequate seasonal staffing. To this end, Lowe's adjusted its full-year outlook, expecting total revenue to be between $97 billion and $99 billion, sales to be between a decrease of 1% and an increase of 1%, and gross margin to be between 12.8% and 13%.

It is learned that in the first quarter, Lowe's repurchased approximately 19 million shares for $4.1 billion and paid $537 million in dividends. LOW expects to repurchase nearly $12 billion in shares in fiscal 2022. This is also the 12th consecutive quarter that Lowe's has achieved profitability.

Editor ✎Estella/

Disclaimer: This article is copyrighted and may not be reproduced without permission.