Lowe’s on Tuesday reported fourth-quarter net sales fell about 17% to $18.6 billion from $22.4 billion a year earlier. The home improvement retailer’s prior year Q4 sales included about $1.4 billion from a 53rd week on the calendar and $958 million from the sale of the company’s Canadian retail business during Q1 of last year.
Lowe’s Q4 earnings beat expectations, analysts with Telsey Advisory Group, led by Joe Feldman, said in a note ahead of the call. “In the near term, the industry continues to face headwinds related to the weak housing market trends, consumers remaining cautious with spending, especially on big-ticket items and projects, and continued normalization from the pandemic-related gains from the past three years,” Feldman said.
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