Lowe’s Companies Inc (NYSE:LOW) reported fourth-quarter FY23 sales of $18.60 billion, beating the analyst consensus estimate of $18.45 billion. Comparable sales decreased 6.2% Y/Y due to slow DIY demand and unfavorable January winter weather, while Pro customer comparable sales remained flat flat Y/Y. “This quarter we delivered strong operating profit and improved customer satisfaction, despite the continued pullback in DIY spending,” commented Marvin R. Ellison, Lowe’s chairman, president and CEO. Gross profit fell to $6.03 billion from $7.26 billion a year ago, with a profit margin slightly expanding to 32.40% from 32.33% the prior year. The operating margin was 9.07% versus 7.59% last year, and operating income for the quarter declined to $1.69 billion from $1.70 billion in fourth-quarter FY22. EPS of $1.77 beat the consensus estimate of $1.68. The company held $1.2 billion in cash and equivalents as of February 2, 2024. As of February 2, 2024, Lowe’s operated 1,746 […]

Lowe’s (LOW) sees macroeconomic uncertainty weighing on its outlook for the year as the do-it-yourself business continues slowing, even though the retailer’s fiscal fourth-quarter results topped market estimates. The company anticipates per-share earnings in a range of $12 to $12.30 and sales between $84 billion to $85 billion for fiscal 2024. The current consensus on Capital IQ is for GAAP EPS of $12.28 and revenue of $85.5 billion. In the just ended fiscal year, earnings increased to $13.20 a share from $10.17, while sales dropped to $86.38 billion from $97.06 billion. Comparable sales are expected to be down 2% to 3% on an annual basis in the ongoing year, according to the retailer. The Street’s current forecast is for a 1.3% decrease. In the last quarter, the sales slipped 6.2% as do-it-yourself demand slowed and January winter weather weighed. Pro customer comparable sales were flat, the retailer said. “This quarter

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DA Davidson analyst Michael Baker reiterates Lowe’s Companies (NYSE:LOW) with a Buy and maintains $258 price target.

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We raise our 12-month target $10 to $221, 18x our FY 25 EPS view of $12.26 (down $0.93; we set FY 26 at $13.76), a premium to the five-year P/E of 17.1x, reflecting LOW’s operational execution. FQ4 EPS of $1.77 (-22.3% Y/Y) beat by $0.09 on revenue of $18.6B (-17% Y/Y), ~1% above consensus. Comparable sales (-6.2% Y/Y) improved from FQ3’s -7.4% with strong holiday sales offsetting, in part, Do-It-Yourself pull-back and weather headwinds. Online and Pro-segment comparable sales were flat. LOW’s Pro survey shows cautious optimism. EBIT margin contracted 50 bps as product mix was partly offset by productivity focus. Macroeconomic concerns tame LOW’s short-term view, but mid- to long-term catalysts (home shortage, household formation, and work from home) sustain LOW’s bullish view. FY 24’s 2.2%