•
Aug 04, 2023
Lowe's Q2 2023 Earnings Report
Reported a decrease in comparable sales by 1.6% and diluted EPS of $4.56.
Key Takeaways
Lowe's reported net earnings of $2.7 billion and diluted earnings per share (EPS) of $4.56 for the quarter ended Aug. 4, 2023. Total sales for the quarter were $25.0 billion. The company is affirming its outlook for the operating results of full year 2023.
Investments in Total Home strategy drove growth across Pro and online.
Launched same-day delivery nationwide and expanded rural merchandising framework to roughly 300 stores.
Reduced expenses while improving customer service.
Awarding over $100 million in discretionary and profit-sharing bonuses to front-line associates.
Lowe's
Lowe's
Forward Guidance
The company is affirming its outlook for the operating results of full year 2023.
Positive Outlook
- Total sales of approximately $87 – $89 billion
- Adjusted operating income as a percentage of sales (adjusted operating margin) of 13.4% to 13.6%
- Adjusted effective income tax rate of approximately 25%
- Adjusted diluted earnings per share of $13.20 to $13.60
- Capital expenditures of up to $2 billion
Challenges Ahead
- Comparable sales expected to be down -2% to -4% as compared to prior year
- Interest expense of approximately $1.5 billion