Lowe's Inc. said Wednesday it had net income of $154 million, or 25 cents a share, in the third quarter, down from $1.896 billion, or $2.73 a share, in the year-earlier period. The net income figure includes a pretax noncash asset impairment charge of $2.1 billion related to the company's Canadian retail business. Adjusted for that charge, it had EPS of $3.27, ahead of the $3.09 FactSet consensus. Sales rose to $23.5 billion from $22.9 billion a year ago, also ahead of the $23.1 billion FactSet consensus. Same-store sales rose 3%, while FactSet expected a 0.8% rise. "We delivered better-than-expected results this quarter, with U.S. comps up 3%, driven by Pro growth of 19% and improved DIY sales trends," CEO Marvin R. Ellison said in a statement. "Sales on Lowes.com grew 12%, on top of 25% growth last year." The company raised its full-year guidance to reflect the stronger-than-expected performance and now expects sales of about $97 billion to $98 billion and adjusted EPS of $13.65 to $13.80. The FactSet consensus is for EPS of $13.53 and sales of $96.9 billion. Shares rose 3.9% premarket but are down 19% in the year to date, while the S&P 500 has fallen 16%.
(END) Dow Jones Newswires
November 16, 2022 06:14 ET (11:14 GMT)
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