Lowe's Companies Inc. low Fourth-quarter fiscal 2023 revenue was reported at $18.6 billion, beating analyst consensus estimates of $18.45 billion.
Comparable sales for professional customers were flat year-over-year, although comparable sales were down 6.2% year-over-year due to weak DIY demand and bad winter weather in January.
“Despite continued declines in DIY spending, we delivered strong operating income and improved customer satisfaction in the quarter,” said Marvin R. Ellison, Lowe's Chairman, President and CEO. Did.
Gross profit decreased to $6.03 billion from $7.26 billion in the previous year, and profit margin expanded slightly to 32.40% from 32.33% in the previous year.
Operating margin was 9.07% compared to 7.59% in the same period last year, and operating income decreased to $1.69 billion from $1.7 billion in the fourth quarter of 2022.
EPS of $1.77 beat the consensus estimate of $1.68.
The Company had cash and equivalents of $1.2 billion as of February 2, 2024.
Please also read: Lowe's Q4 Earnings Preview: DIY Earnings, Online Struggles, Timber Issues, Home Improvement Bright Signs
As of February 2, 2024, Lowe's operated 1,746 stores representing 194.9 million square feet of retail sales space.
The company repurchased approximately 1.9 million shares during the quarter for $404 million and paid $633 million in dividends.
“We remain confident in the long-term strength of the home improvement market and are making appropriate investments in our total home strategy to gain share,” Ellison added.
24th fiscal year Outlook: Lowe's expects revenue of $84 billion to $85 billion (Street View: $85.61 billion) and adjusted EPS of $12.00 to $12.30 (versus consensus of $12.95). The company expects comparable sales to decline by approximately 2-3% in FY2024.
price action:LOW stock is trading 1.22% premarket at $228.50 at last check on Tuesday.
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