“Lowe’s reinforces wavering home improvement demand with forecast cuts”
May 23, 2023
“Lowe’s Cos Inc cut its annual sales and profit forecasts on Tuesday, joining larger rival Home Depot in highlighting waning demand for home improvement goods with sticky inflation forcing consumers to cut back on discretionary spending…
Lowe’s expects full-year comparable sales to fall between 2% and 4%, compared to its prior outlook of flat to down 2%. In comparison, Home Depot last week slashed its same-store sales forecast to a 2% to 5% fall from nearly flat sales expected previously…
Lowe’s projected 2023 adjusted earnings between $13.20 and $13.60 per share, compared with $13.60 to $14.00 estimated previously. Comparable sales fell 4.3% in the first quarter, while analysts on average had expected a 3.23% drop, according to Refinitiv data…”
https://finance.yahoo.com/news/lowes-cuts-annual-sales-profit-100732931.html