Lowe's sticks by full-year forecast as sales from home professionals boost business

Lowe's on Wednesday stood by its full-year forecast, despite reporting quarterly sales that fell just short of Wall Street's expectations.

In the company's news release, CEO Marvin Ellison said investments in its stores, technology and customer service has helped the home improvement retailer get through "near-term uncertainty and housing market headwinds."

Lowe's said it expects full-year total sales to range from $83.5 billion to $84.5 billion, which on the upper end would be higher than its total revenue of $83.67 billion for fiscal 2024. It said it expects comparable sales to be flat to up 1% year over year and earnings per share to range from approximately $12.15 to $12.40.

Here's what the company reported for the fiscal first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

• Earnings per share: $2.92 vs. $2.88
• Revenue: $20.93 billion vs. $20.94 billion

In the three-month period that ended May 2, Lowe's net income fell to $1.64 billion, or $2.92 per share, compared with $1.76 billion, or $3.06 per share, in the year-ago quarter.

Comparable sales decreased 1.7% year over year. Weather hurt sales demand, but sales on Lowe's website and among home professionals grew, the company said in a press release.

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