Lowe’s: well equipped!











Photo credit © Reuters


(Boursier.com) — Lowe’s, the American specialist in the distribution of construction and gardening equipment, beat the profit consensus for the quarter ended, even if its sales on a comparable basis came out somewhat disappointing. The company reported earnings of $4.67 per share in the second quarter ended July 29, beating estimates that averaged $4.58, benefiting from lower costs. Selling, general and administrative expenses as a percentage of sales were 16.2% for the quarter, compared to 17% last year. The group has nevertheless reported a decline of 0.3% of its sales on a comparable basis, while investors were anticipating an increase. Quarterly net profit was $3 billion, in line with last year’s levels. Total sales fell very slightly to $27.5 billion.

Lowe’s warned of an impact on its annual sales, after a surprise drop in quarterly like-for-like sales as demand for tools and paints eased from pandemic highs due to rising inflation and office reopenings. Still, the home improvement chain said it expects its 2022 earnings per share to be in the high end of its outlook range of $13.10 to $13.60, thanks to tighter control. costs and constant demand from professional builders.


©2022 Boursier.com






Source link -87