Lowe’s reported its second fiscal quarter results, posting net income of $2.4 billion, or $4.27 per share, which was roughly unchanged compared to the year-ago period. On an adjusted basis excluding one-time items, the company reported earnings of $4.40 per share, benefiting from tariff refunds that provided an 11 cent boost to earnings per share during the quarter.
Total sales for the quarter reached $25.96 billion, up from $23.96 billion in the prior year period. Comparable sales increased 0.2%, supported partly by strength in professional and home services offerings. Online sales climbed 15.7% year-over-year, though the company noted that this growth was partially offset by macroeconomic headwinds affecting do-it-yourself customers.
The retailer updated its full-year guidance to the lower end of its previous range, now projecting total sales of $92 billion compared to its prior guidance of $92 billion to $94 billion. The company adjusted its comparable sales forecast to flat performance, down from its previous expectation of flat to up 2%. Additionally, Lowe’s lowered its adjusted earnings per share guidance to $12.25 from a prior range of $12.25 to $12.75.
Chief Executive Marvin Ellison stated that while near-term conditions remain uncertain, the company’s teams continue executing effectively and advancing the Total Home strategy while investing for growth and profitability. The results reflect broader challenges facing the home improvement sector, including a slowdown in the housing market and more cautious consumer spending patterns. Lowe’s share price declined approximately 2% in premarket trading following the announcement.
Article Attribution | Read More at Article Source
Article summary produced by Claude AI