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Apr 29, 2022
Lowe's Q1 2022 Earnings Report
Lowe's first quarter sales and earnings results reported with comparable sales decrease.
Key Takeaways
Lowe's reported net earnings of $2.3 billion, in line with prior-year results, and diluted earnings per share (EPS) of $3.51 for the quarter ended April 29, 2022. Total sales for the first quarter were $23.7 billion compared to $24.4 billion in the first quarter of 2021, and comparable sales decreased 4.0%.
Consolidated Comparable Sales Decreased 4.0%.
U.S. Comparable Sales Decreased 3.8%.
First Quarter Diluted EPS of $3.51.
Affirms Fiscal 2022 Outlook.
Forward Guidance
The company is affirming its outlook for the operating results of Full Year 2022.
Positive Outlook
- Total sales of $97 billion to $99 billion, including the 53rd week
- 53rd week expected to increase total sales by approximately $1.0 billion to $1.5 billion
- Comparable sales expected to range from a decline of 1% to an increase of 1%
- Gross margin rate up slightly compared to prior year
- Operating income as a percentage of sales (operating margin) of 12.8% to 13.0%
Challenges Ahead
- Depreciation and amortization of approximately $1.75 billion
- Interest expense of $1.0 to $1.1 billion
- Effective income tax rate of approximately 25%
- Diluted earnings per share of $13.10 to $13.60
Historical Earnings Impact
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Avg. Return Before/After Earnings
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