Lowe's: revises outlook for 2024

(CercleFinance.com) - On its quarterly earnings call, Lowe's Companies has tightened up its outlook for FY 2024 adjusted EPS from $11.
70 to $11.90 to $11.80 to $11.90.

While it has lowered its target range for its adjusted operating margin to between 12.3% and 12.4%, it has raised its revenue target to between $83bn and $83.5bn, with comparable sales now expected to decline by only -3% to -3.5%.

In Q3, the home improvement chain posted adjusted EPS of $2.89 on total sales of $20.2bn, with comparable sales down 1.1%.

Sales suffered from persistent weakness in discretionary DIY demand, which was partially offset by storm-related sales and positive comparable sales in the Pro and online categories.


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