2023-11-21 06:01:36 ET
- Lowe's press release ( NYSE: LOW ): Q3 GAAP EPS of $3.06 beats by $0.04 .
- Revenue of $20.47B (-12.8% Y/Y) misses by $390M .
- Comparable sales decreased 7.4% due to a decline in DIY discretionary spending, partially offset by positive Pro customer comp sales.
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Full Year 2023 Outlook – a 52-week year (comparisons to full year 2022 – a 53-week year)
- Total sales of approximately $86 billion (previously $87 – $89 billion)
- Comparable sales expected to be down approximately -5% as compared to prior year (previously down -2% to -4%)
- Adjusted operating income as a percentage of sales (adjusted operating margin) of approximately 13.3% (previously 13.4% to 13.6%)
- Interest expense of approximately $1.4 billion (previously $1.5 billion)
- Adjusted effective income tax rate of approximately 25%
- Adjusted diluted earnings per share of approximately $13.00 (previously $13.20 to $13.60)
- Capital expenditures of up to $2 billion
For further details see:
Lowe's GAAP EPS of $3.06 beats by $0.04, revenue of $20.47B misses by $390M