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Jan 31, 2024
Lowe's Q4 2023 Earnings Report
Lowe's reported a decrease in diluted EPS and comparable sales for the fourth quarter of fiscal 2022, but an increase in adjusted diluted EPS and total sales.
Key Takeaways
Lowe's reported net earnings of $957 million and diluted EPS of $1.58 for the fourth quarter ended Feb. 3, 2023. Adjusted diluted EPS increased 28% to $2.28. Total sales for the fourth quarter were $22.4 billion, up from $21.3 billion in the prior year, despite a 1.5% decrease in comparable sales.
Diluted EPS for Q4 2022 was $1.58, a decrease from $1.78 in Q4 2021.
Adjusted diluted EPS for Q4 2022 increased 28% to $2.28.
Total sales for Q4 2022 were $22.4 billion, an increase from $21.3 billion in Q4 2021.
Comparable sales for Q4 2022 decreased by 1.5%, with U.S. home improvement comparable sales decreasing by 0.7%.
Lowe's
Lowe's
Lowe's Revenue by Geographic Location
Revenue by Geographic Location
U.S. Revenue
CapyFin.com Forward Guidance
For fiscal year 2023, Lowe's expects total sales to be between $88 billion and $90 billion, with comparable sales ranging from flat to down 2%. Operating income as a percentage of sales is projected to be between 13.6% and 13.8%, and diluted earnings per share are expected to be between $13.60 and $14.00.
Positive Outlook
- Total sales expected to be approximately $88 – $90 billion.
- Operating income as a percentage of sales (operating margin) of 13.6% to 13.8%.
- Diluted earnings per share of $13.60 to $14.00.
- Capital expenditures of up to $2 billion.
- Company continues to make strides on its Total Home strategy.
Challenges Ahead
- Comparable sales expected to be flat to down -2% as compared to prior year.
- Fiscal 2023 is a 52-week year, compared to a 53-week year in 2022, which will impact year-over-year comparisons.
- The outlook does not account for potential future economic volatility.
- No specific guidance on potential impacts from inflation or supply chain disruptions.
- The outlook is based on a 52-week year, while the prior year was 53 weeks, which could be perceived as a negative comparison point.