Lowe’s posts better-than-expected profit
November 16, 2022
Lowe’s U.S. same-store sales increased three percent, better than the 0.8 percent forecast by Refinitiv. The home improvement retailer posted earnings per share of $3.27, a 13.5 percent increase year-over-year. “We delivered better-than-expected results this quarter, with U.S. comps up three percent, driven by Pro growth of 19 percent and improved DIY sales trends. Sales on Lowes.com grew 12 percent, on top of 25 percent growth last year. We also drove substantial improvement in adjusted operating margin through disciplined execution and cost management,” said CEO Marvin Ellison.
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