Lowe’s Companies, Inc. (NYSE: LOW) has reported flat revenues for the second quarter of fiscal 2022. Comparable store sales of the home improvement chain decreased during the period.
At $27.5 billion, second-quarter revenues were broadly unchanged from the prior-year quarter. Total comparable store sales decreased 0.3%, while the U.S. home improvement comparable sales edged up 0.2%.
Net income dropped to $2.99 billion in the most recent quarter from $3.02 billion in the second quarter of 2021. On a per-share basis, however, earnings increased to $4.67 per share from $4.25 per share last year.
Check this space to read management/analysts’ comments on Lowe’s Q2 2022 results
“Our results in the first half were disproportionately impacted by our 75% DIY customer mix, which was partially offset by our double-digit Pro-growth for the ninth consecutive quarter. Despite continued macro uncertainty, we remain confident in the long-term strength of the home improvement market and our ability to take share,” said Marvin Ellison, Lowe’s chief executive officer.