Why Lowe's Stock Is Sliding Today

Lowe's Companies Inc LOW shares are trading lower in sympathy with Home Depot Inc HD, which reported first-quarter financial results Tuesday morning

What Happened: Home Depot reported first-quarter revenue of $37.26 billion, which missed consensus estimates of $38.31 billion, according to Benzinga Pro. The home improvement retailer reported quarterly earnings of $3.82 per share, which beat estimates of $3.80 per share. 

Comparable sales were down 4.5% year-over-year and customer transactions were down 4.8%. Average ticket climbed 0.2% year-over-year.

Home Depot also lowered its full-year outlook. The retailer said it expects sales and comparable sales to decline in a range of 2% to 5%. Full-year earnings are expected to drop 7% to 13% year-over-year. 

Related Link: Home Depot's Q1 Performance: Lumber Deflation, Inclement Weather Hits Revenue, Lowers FY23 Outlook

Lowe's is set to report its first-quarter results on May 23. The home improvement retailer is expected to report earnings of $3.47 per share on quarterly revenue of $21.66 billion, according to estimates from Benzinga Pro.

LOW Price Action: Lowe's shares were down 2.39% at $196.73 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Lowe's.

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