Table of Content
Comparable sales in fiscal 2022 are envisioned in the range of flat to a 1% fall from the previous fiscal year’s reported figure. Lowe’s continues to expect the gross margin rate to improve slightly from the last fiscal year’s level. Management anticipates earnings per share of $13.65-$13.80 for the current fiscal year compared with the earlier projected range of $13.10-$13.60. In the reported quarter, Lowe’s bought back 20.5 million shares for $4 billion and paid out dividends of $666 million.
Home Depot reported revenues of $38.87 billion in the last reported quarter, representing a year-over-year change of +5.6%. EPS of $4.24 for the same period compares with $3.92 a year ago. Lowe's belongs to the Zacks Building Products - Retail industry. Another stock from the same industry, Home Depot , has gained 5.2% over the past month. More than a month has passed since the company reported results for the quarter ended October 2022. Lowe’s generated cash flow from operations of $8,138 million for the nine months ended Oct 28, 2022.
Reviews
Lowe’s posted solid third-quarter fiscal 2022 results, with both the top and the bottom line beating the Zacks Consensus Estimate. Also, both metrics improved from the previous fiscal year’s quarterly readings. Home Depot is expected to post earnings of $3.28 per share for the current quarter, representing a year-over-year change of +2.2%. Over the last 30 days, the Zacks Consensus Estimate has changed -0.6%.
LOW expects to repurchase nearly $13 billion of shares in fiscal 2022 compared with the earlier projection of $12 billion. Results benefited from higher comparable sales and Pro sales as well as improved DIY sales trends. Sales on Lowes.com grew 12% compared with 25% growth seen last year. Also, LOW witnessed a substantial improvement in adjusted operating margin on the back of disciplined execution and cost management. Net sales of $23,479 million increased 2.4% year over year and exceeded the Zacks Consensus Estimate of $23,150 million. Comparable sales for the U.S. home-improvement business rose 3% in the reported quarter.
Quarter in Detail
LOW ended the quarter with cash and cash equivalents of $3,192 million, long-term debt of $32,904 million and shareholders’ deficit of $12,868 million. Earnings per share of $3.27 surpassed the Zacks Consensus Estimate of $3.11 and rose 19.8% from the third-quarter fiscal 2021 tally. Needs to review the security of your connection before proceeding. YP - The Real Yellow PagesSM - helps you find the right local businesses to meet your specific needs. Search results are sorted by a combination of factors to give you a set of choices in response to your search criteria. YP advertisers receive higher placement in the default ordering of search results and may appear in sponsored listings on the top, side, or bottom of the search results page.
We apologize for the inconvenienceThe people search feature on Superpages.com is temporarily unavailable. You can still search for people on yellowpages.com since Yellow Pages and Superpages are part of one company. As of Oct 28, 2022, Lowe’s operated 1,969 home-improvement and hardware stores across the United States and Canada.
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Pro-customer sales jumped 19%, recording the 10th consecutive quarter of a double-digit increase. The 53rd week is likely to witness a sales increase by $1-$1.5 billion. In fiscal 2021, Lowe’s revenues amounted to $96.3 billion. Gross profit inched up 3% year over year to $7,818 million, while gross margin expanded 20 basis points to 33.3%. Operating income amounted to $4,229 million, up 0.5% year over year. Operating margin significantly contracted to 3.93% from 12.17% recorded in the year-earlier quarter.
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