Lowe’s Companies, Inc. (NYSE: LOW) reported its second quarter 2024 earnings results today.
Total sales were $23.6 billion, compared to $25 billion in the same period a year ago.
Comparable sales decreased 5.1% driven by continued pressure in DIY bigger ticket discretionary spending.
Net earnings were $2.4 billion, or $4.17 per share, compared to $2.7 billion, or $4.56 per share, last year. Adjusted EPS was $4.10.
Earnings beat expectations while revenue fell short of estimates.
Lowe’s lowered its outlook for the full year of 2024, based on lower-than-expected DIY sales and a challenging macroeconomic environment. The company now expects total sales of $82.7-83.2 billion versus the previous expectation of $84-85 billion.
Comparable sales are now expected to be down 3.5-4.0% year-over-year versus the prior range of down 2-3%. Adjusted EPS is now expected to range between $11.70-11.90 versus the prior range of $12.00-12.30.
The stock stayed red in premarket hours on Tuesday.