(Lowes) Lowe’s sales in the first quarter of 2022 came at $23.7 billion, lower than sales of $24.4 billion in the comparable quarter of 2021. Comparable sales fell 4.0%.
Lowe’s comparable sales for its home improvement business in the US came 3.8% lower in the quarter amid a 20% jump in pro customer sales.
The company reported earnings of $2.33 billion in the quarter or $3.51 diluted earnings per share, up compared to net earnings of $2.32 billion or $3.21 EPS.
Lowe’s said it repurchased about 19 million shares in the quarter for $4.1 million and paid up to $537 million in dividends.
The retailer affirmed its FY22 outlook, guiding total sales of between $97 billion to $99 billion. Diluted earnings per share is expected at between $13.10 and $13.60. The company intends to take buybacks in the year to around $12 billion.
LOW: NYSE is down -1.56%.
