Latest news with #Lowe'sCos
Washington Post
21-05-2025
- Business
- Washington Post
Lowe's: Fiscal Q1 Earnings Snapshot
MOORESVILLE, N.C. — MOORESVILLE, N.C. — Lowe's Cos. (LOW) on Wednesday reported fiscal first-quarter net income of $1.64 billion. The Mooresville, North Carolina-based company said it had net income of $2.92 per share. The results exceeded Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for earnings of $2.88 per share.
Bloomberg
21-05-2025
- Business
- Bloomberg
Lowe's Sales Beat Expectations, Bucking Tariff Volatility
Lowe's Cos. comparable sales beat expectations during the latest quarter as shoppers maintained home spending despite weakening consumer sentiment and economic turbulence. The home-improvement retailer said its comparable sales dipped 1.7%, better than what analysts expected.
Yahoo
28-02-2025
- Business
- Yahoo
Lowe's Expects to Reverse Sales Slump on Improving Demand
(Bloomberg) -- Lowe's Cos. forecast sales to rise this year, an early sign that consumers are starting to spend again after staying on the sidelines due to higher rates. The Trump Administration Takes Aim at Transportation Research NYC's Congestion Pricing Pulls In $48.6 Million in First Month Shelters Await Billions in Federal Money for Homelessness Providers New York's Congestion Pricing Plan Faces Another Legal Showdown NYC to Shut Migrant Center in Former Hotel as Crisis Eases The retailer said its comparable sales will gain as much as 1% this year, though that was slightly lower than the 1.4% average estimate among Wall Street analysts. Mooresville, North Carolina-based Lowe's is the latest big-box retailer to report quarterly results this earnings season, with company performance being largely been mixed so far. Macroeconomic uncertainties — ranging from tariff concerns to price-sensitive consumers — are weighing on outlooks for the year, while US consumer confidence is falling across age groups and incomes. Still, operators are generally posting healthy fourth-quarter results. Lowe's comparable sales turned positive and beat Wall Street expectations, reversing a slump. The company said the key metric rose partly due to a strong holiday period and online sales. Its shares rose 4% at the open of US trading in New York. They were up 4% in the past 12 months through Tuesday, trailing a 17% gain for the S&P 500 Index. Lowe's and other home improvement retailers have been seeking to ignite sales growth after the pandemic-fueled boom dissipated due to high interest rates. Consumers have been holding off buying or remodeling homes, waiting for the cost of borrowing to get cheaper. 'Even though short term interest rates have started to come down, this remains a challenging home improvement market,' Chief Executive Officer Marvin Ellison said on a call with analysts Wednesday. Mortgage rates remain high, creating a 'lock in' effect among homeowners who aren't trading homes, while consumers remain cautious about discretionary purchases. Still, longer-term sector dynamics haven't changed, as more people work from home and millennials form families, which boosts spending on home improvement. Ellison also expects some consumers to tap into equity in their properties to fund big remodel projects. Lowe's is seeking to grow its business catering to home-improvement professionals who tend to work on bigger, more complex projects. So-called pro customers are generally outperforming do-it-yourself consumers, and rival Home Depot Inc. is also targeting this area. Home Depot, which reported results Tuesday, forecast comparable sales to turn positive this upcoming year, though it cautioned that overall demand is unlikely to shift in a major way. Company executives said they aren't expecting significant changes to interest rates, housing turnover or the macroeconomic environment in the near term. At the same time, there are early signs that some consumers are starting to see higher rates as the new norm. The retailer also said it's navigated tariffs for years and has diversified its supply chain. Home Depot sources most of its products from North America. Following years of high prices, US consumers have been prioritizing groceries and other essentials instead of buying big-ticket items or discretionary products. They have also shifted spending toward experiences and travel. (Updates with commentary from analyst call.) Trump's SALT Tax Promise Hinges on an Obscure Loophole Warner Bros. Movie Heads Are Burning Cash, and Their Boss Is Losing Patience Walmart Wants to Be Something for Everyone in a Divided America China Learned to Embrace What the US Forgot: The Virtues of Creative Destruction Meet Seven of America's Top Personal Finance Influencers ©2025 Bloomberg L.P. Sign in to access your portfolio
Yahoo
26-02-2025
- Business
- Yahoo
Lowe's forecasts annual earnings largely below estimates on cautious spending
(Reuters) -Lowe's Cos joined rival Home Depot in forecasting lackluster annual sales and profit on Wednesday, signaling that a downturn in the home improvement sector will linger amid higher interest rates. Shares of the Mooresville, North Carolina-based retailer were up 3% in premarket trading as it reported a surprise rise in fourth-quarter same-store sales, helped by demand for water cans, generators and cleaning supplies after Hurricanes Helene and Milton last year. The home improvement sector has witnessed a sharp slowdown over the last two years as high mortgage rates, rising home prices as well as refinancing costs stifled demand. U.S. consumer confidence deteriorated at its sharpest pace in three-and-a-half years in February, data on Tuesday showed, in a sign that Americans were becoming more worried about the potential economic impact of President Donald Trump's policies. The retailer cited near-term pressure in do-it-yourself projects such as flooring as well as kitchen and bath remodeling, which make up about 70% of its annual revenue. Lowe's expects full-year 2025 comparable sales to be flat to up 1% compared to analysts' estimate of a 1.13% rise, according to data compiled by LSEG. It forecast earnings per share in the range of $12.15 to $12.40, compared to analysts' estimate of $12.49 per share. The company reported a 0.2% rise in same-store sales for the quarter ended January 31, compared to analysts' average estimate of a 1.9% decline. Sign in to access your portfolio
Reuters
26-02-2025
- Business
- Reuters
Lowe's forecasts annual earnings largely below estimates on cautious spending
Feb 26 (Reuters) - Lowe's Cos (LOW.N), opens new tab joined rival Home Depot (HD.N), opens new tab in forecasting lackluster annual sales and profit on Wednesday, signaling that a downturn in the home improvement sector will linger amid higher interest rates. Shares of the Mooresville, North Carolina-based retailer were up 3% in premarket trading as it reported a surprise rise in fourth-quarter same-store sales, helped by hurricane-related demand boost. The home improvement sector has witnessed a sharp slowdown over the last two years as high mortgage rates, rising home prices as well as refinancing costs stifled demand. U.S. consumer confidence deteriorated at its sharpest pace in three-and-a-half years in February, data on Tuesday showed, in further signs that Americans were becoming more worried about the potential economic impact of the policies of President Donald Trump's administration. Lowe's expects full-year 2025 comparable sales to be flat to up 1% compared to analysts' estimate of a 1.13% rise, according to data compiled by LSEG. It forecast earnings per share in the range of $12.15 to $12.40, compared to analysts' estimate of $12.49 per share. The company reported a 0.2% rise in same-store sales for the quarter ended January 31, compared to analysts' average estimate of a 1.9% decline.
