Lowe’s Companies, Inc. (NYSE: LOW) reported third quarter 2023 earnings results today.
Net sales were $20.5 billion compared to $23.5 billion in the same period a year ago. Comparable sales decreased 7.4%.
GAAP net earnings were $1.7 billion, or $3.06 per share, compared to $154 million, or $0.25 per share, last year. Adjusted EPS was $3.27.
Earnings beat expectations while sales fell short. The retailer also lowered its full-year guidance.
For the full year of 2023, the company expects total sales of approx. $86 billion and adjusted EPS of approx. $13. Comparable sales are expected to be down approx. 5%.
The stock was down 4% in premarket hours on Tuesday.
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