On Feb. 27, Lowe’s Companies reported a fourth-quarter 2023 comparable sales decrease of 6.2% due to a slowdown in Do-It-Yourself customer demand and unfavorable January winter weather. Pro customer comparable sales were flat for the quarter.
Total sales for the quarter were $18.6 billion, compared to $22.4 billion in the prior year quarter. Prior-year quarterly sales included approximately $1.4 billion from an additional 53rd selling week, as well as $958 million generated from our Canadian retail business.
Check out this deep dive into Lowe’s Pro-focused initiatives on MDM Premium.
The North Carolina-based retailer reported fourth-quarter net earnings of $1.o billion and diluted earnings per share of $1.77 for the quarter ended Feb. 2, 2024, compared to diluted EPS of $1.58 in 4Q 2022.
As of Feb. 2, 2024, Lowe’s operated 1,746 stores representing 194.9 million square feet of retail selling space.
Lowe’s Full Year 2024 Outlook
- Total sales of $84 to $85 billion
- Comparable sales expected to be down -2 to -3% as compared to prior year
- Operating income as a percentage of sales (operating margin) of 12.6% to 12.7%
- Diluted earnings per share of approximately $12.00 to $12.30
- Capital expenditures of approximately $2 billion
Related: Home Depot 4Q Sales Fall 2.9% as Pro Levels with DIY (Feb. 21)
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