Fall In DIY Demand Hits Lowe's Top Line, Issues Weak FY24 Outlook
Portfolio Pulse from Lekha Gupta
Lowe's Companies Inc (NYSE:LOW) reported Q4 FY23 sales of $18.60 billion, slightly above estimates but saw a 6.2% Y/Y decrease in comparable sales due to weak DIY demand and unfavorable weather. Despite this, EPS of $1.77 beat estimates. Gross profit and operating income fell, but margins improved. The company issued a weak FY24 outlook with expected revenue and EPS below consensus estimates, leading to a 1.22% premarket drop in LOW shares.
February 27, 2024 | 1:46 pm
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Lowe's reported higher than expected Q4 FY23 sales and EPS, but faced a decline in comparable sales and issued a weak FY24 outlook. Shares dropped 1.22% premarket.
The decline in comparable sales and the weak FY24 outlook, despite beating Q4 FY23 estimates, suggest a cautious short-term outlook for Lowe's. The premarket share price movement reflects investor concern over future performance.
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