Lowe's same-store sales fell 4.1% in the first quarter, while analysts' average expectations were a 5.65% decline. The company's quarterly sales fell less than expected, aided by more small-scale repairs for US consumers affected by inflation.
The Zhitong Finance App learned that before the US stock market on May 21 (Tuesday), Low.US (LOW.US) announced the results for the first quarter of the 2024 fiscal year. According to financial reports, Lowe's Q1 revenue was US$21.4 billion, down 4.3% year on year, exceeding market expectations; net profit was US$1,755 billion, down 22.3% year on year; and diluted earnings per share were US$3.06, compared to US$3.77 for the same period last year.
Lowe's same-store sales fell 4.1% in the first quarter, while analysts' average expectations were a 5.65% decline. The company's quarterly sales fell less than expected, aided by more small-scale repairs for US consumers affected by inflation.
Lowe's was also able to maintain the needs of its professional customers, including professional builders, contractors, and handymen, which helped it offset the weakness of DIY customers, who cut spending on home improvement products.
According to data from data analysis company Placer.ai, Lloyd's passenger traffic increased 0.2% year over year in April, while in March and February it fell 1.1% and 2.8%, respectively.
Lowe's said on Tuesday that it launched a nationwide DIY loyalty program this quarter to attract more customers and expand same-day delivery services, which helped it gain market share in key categories.
As of May 3, 2024, there were 1,746 Lowe's stores with a retail area of 194.9 million square feet.
Performance Guidelines
Lowe's estimates total sales for the 2024 fiscal year will be between $84 billion and $85 billion, while market expectations are $84.41 billion; compared with last year, comparable sales are expected to drop 2% to 3%.