(AOF) – Lowe’s fell 2.97% to $222.11 on the New York Stock Exchange. The DIY store chain nevertheless reported better than expected results for its first quarter. The North Carolina-based group recorded a less significant drop than expected in its sales, which stood at $21.4 billion, down 4.1% on a comparable basis. The consensus was $21.1 billion. The gross margin, a widely followed measure of profitability, however, increased in one year from 33.68% to 33.19%.
Lowe’s published a net profit of $1.8 billion for its first fiscal quarter, or $3.06 per share, or EPS down nearly 17% compared to last year but higher than forecasts. : $2.94.
The group’s management also expects that the turnover for the second quarter will be in line with that of the first quarter.
The firm confirms its outlook for the full year 2024, anticipating revenues ranging from $84 billion to $85 billion, for diluted EPS ranging from $12 to $12.30.
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