LOW - Fall In DIY Demand Hits Lowe's Top Line Issues Weak FY24 Outlook | Benzinga
Lowe’s Companies Inc (NYSE:LOW) reported fourth-quarter FY23 sales of $18.60 billion, beating the analyst consensus estimate of $18.45 billion.
Comparable sales decreased 6.2% Y/Y due to slow DIY demand and unfavorable January winter weather, while Pro customer comparable sales remained flat flat Y/Y.
“This quarter we delivered strong operating profit and improved customer satisfaction, despite the continued pullback in DIY spending,” commented Marvin R. Ellison, Lowe’s chairman, president and CEO.
Gross profit fell to $6.03 billion from $7.26 billion a year ago, with a profit margin slightly expanding ...