Lowe’s (NYSE:LOW) shares dipped premarket on Tuesday after the home improvement retailer trimmed its annual forecasts based on lower-than-expected DIY sales.
For full year 2023, the retailer expects comparable sales to decline 5%, compared to -2% to -4% decrease earlier. Overall sales are estimated to be around $86B (consensus: $87.61B) vs. $87B to $89B previously.
The company also expects adjusted EPS of $13.00 (consensus: $13.33) for the year, down from $13.20 to $13.60 previously.
In Q3, comparable sales fell 7.4% due to a decline in DIY discretionary spending, partially offset by positive Pro customer comp sales. Total sales for the quarter were $20.5B, down -12.8% Y/Y and missing Wall Street estimates by $390M.
Lowe’s (LOW) generated net earnings of $1.8B in Q3, up from $154M in the prior year quarter. EPS of $3.06 exceeded analysts estimates by $0.04.
During the quarter, it opened one store and three Lowe’s Outlet stores. As of Nov. 3, 2023, Lowe’s operated 1,746 stores representing 194.9M square feet of retail selling space.