Lowe's Q1 Sales Miss Street View; Affirms FY22 Outlook

Lowe's Companies Inc LOW reported a first-quarter FY22 sales decline of 3% year-on-year to $23.66 billion, marginally missing the consensus of $23.76 billion.
Comparable sales decreased 4%. Comparable sales for the U.S. home improvement business fell 3.8%.
EPS of $3.51 beat the consensus of $3.23.
Gross profit declined 1% Y/Y to $8.05 billion, with the margin expanding 74 basis points to 34.03%.
The operating margin expanded 67 basis points to 13.96%, and operating income for the quarter rose 1.75% to $3.3 billion.
The company held $3.8 billion in cash and equivalents as of April 29, 2022. Net cash provided by operating activities for the quarter totaled $2.97 billion.
Outlook: Lowe's affirmed its FY22 sales forecast of $97 billion - $99 billion, versus the consensus of $98.13 billion.
The company sees FY22 EPS of $13.10 - $13.60, with the consensus of $13.38.
Price Action: LOW shares are trading lower by 3.78% at $186.70 in premarket on the last check Wednesday.
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