Lowe's On Wednesday he was in the prediction of the entire year, because the growing turnover among home professionals helped compensate for the slower demand of do-it-yourself customers.
The home improvement store just shyly shyly came from Wall Street's expectations for every three -month sale, but Beat in the estimates of the profit.
Shares of Lowe Reden almost 2% on the market on Wednesday.
In the company's press release, CEO Marvin Ellison said that investments in its stores, technology and customer service helped the retailer by coming through “headwind of the neighborhood of the short term and the housing market”.
The demand for home improvement has been in a slow rack such as high interest rates and slower home turnover to spend the appetite of our consumers on more expensive projects. But with his prospects, Lowe predicted that this year it will go out of the sales step.
Lowe said that the total turnover of the entire year will vary from $ 83.5 billion to $ 84.5 billion, which would be higher at the top than the total turnover of $ 83.67 billion for tax 2024. It said that the comparable sale of comparable sales in comparable sale and a profit of $ will be reached and reaching $ 1 year.
This is what the company reported for the tax first quarter compared to what Wall Street expected, based on a study among analysts by LSEG:
- Profit per share: $ 2.92 versus $ 2.88 expected
- Gain: $ 20.93 billion versus $ 20.94 billion expected
In the three -month period that ended on 2 May, the net result of Lowe fell to $ 1.64 billion, or $ 2.92 per share, compared to $ 1.76 billion, or $ 3.06 per share, in the quarter of a year ago. Sales fell from $ 21.36 billion.
The comparable turnover fell by 1.7%year after year. The weather makes the demand for sale, but the sale on the website of Lowe and among home professionals grew, the company said in a press release.
Just like Lowe's, competitor Home Depot confirmed the prediction of the entire year earlier this week and placed the year-on-year-old revenue decreases. The fiscal first quarter of Home Depot also received a considerable lift from SRS Distribution, a company that has acquired stocks selling to housing professionals in roofing, swimming pools and landscape architecture.
Both companies have tried to attract more sales from home professionals to compensate for the softer sale with do-it-yourself customers. Lowe announced in April that the Artisan Design Group took over, a company that offers design services and installation of floors, cupboards and worksheets for housing builders and real estate managers in a $ 1.3 billion deal.
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