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Jul 29, 2022
Lowe's Q2 2022 Earnings Report
Consolidated comparable sales decreased and EPS increased.
Key Takeaways
Lowe's reported Q2 2022 results with net earnings of $3.0 billion and diluted EPS of $4.67. Total sales were $27.5 billion, and comparable sales decreased by 0.3%. The company is awarding an incremental bonus of $55 million to hourly front-line associates.
Consolidated comparable sales decreased 0.3%.
U.S. comparable sales increased 0.2%.
Second quarter diluted EPS was $4.67.
Pro customer sales increased 13%.
Forward Guidance
The company now expects full year 2022 total and comparable sales toward the bottom end of its outlook range, and expects operating income and diluted EPS toward the top end of its outlook range.
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
- Diluted earnings per share of $13.10 to $13.60
Challenges Ahead
- 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%
- Interest expense of $1.1 to $1.2 billion
Historical Earnings Impact
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Avg. Return Before/After Earnings
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