Lowe's Companies Cuts FY23 Guidance On Low Consumer Demand And Lumbar Deflation; Beats On Q1
Portfolio Pulse from Shivani Kumaresan
Lowe's Companies reported a 5.5% YoY decline in Q1 FY23 sales to $22.35 billion, beating estimates. The decline was driven by lumber deflation, unfavorable weather, and lower DIY discretionary sales. The company cut its FY23 revenue and EPS outlook due to low consumer demand and lumber deflation.
May 23, 2023 | 11:15 am
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Lowe's Q1 FY23 sales beat estimates, but the company cut its FY23 revenue and EPS outlook due to low consumer demand and lumber deflation.
Lowe's reported better-than-expected Q1 sales, but the company's decision to cut its FY23 revenue and EPS outlook due to low consumer demand and lumber deflation is likely to negatively impact its stock price in the short term.
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