A Lowe’s employee walks through the store during the grand opening of the Lowe’s store in San Francisco, California.
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Lowe’s will report third-quarter earnings on Wednesday before the bell, the second home-improvement retailer in two days to offer guidance on how inflation and other macroeconomic headwinds are affecting its business.
The company had reported mixed second-quarter results in August, saying its improved operations had offset lower-than-expected sales hurt by a shortened spring. Lowe’s had said at the time its sales to do-it-yourself customers were particularly hurt by lower demand for certain products.
Here’s what Wall Street expects Lowe’s to report on Wednesday, based on a survey of analysts by Refinitiv:
- Earnings per share: $3.10 expected
- Revenue: $23.13 billion
In August, Lowe’s said it expected total and comparable sales for the year toward the bottom of its outlook range, forecasting sales of $97 billion to $99 billion, and comparable sales to be down 1% to up to 1%. The company said operating income and earnings are expected to be toward the top end of its previous forecast.
Lowe’s earnings report comes a day after Home Depot‘s third quarter earnings beat analyst’s estimates. On Tuesday, Home Depot said its professional and do-it-yourself sales had positive growth during the period, adding that professionals have said their backlogs remain strong.
Home Depot executives on Tuesday had noted the company was “navigating a unique environment,” and was unable to predict how rising costs and other pressures were affecting its customers. The company said that while its customer transactions were down, it had higher ticket prices driven by inflation.
This is a developing story. Check back for updates.
