Lowe’s yearly sales rise
Lowe’s offered a full-year outlook that calls for total sales of approximately $88 billion to $90 billion, in 2023, which will have one less week than 2022.
Comparable sales are expected to be in the range from flat to down 2%.
The Bottom Line: The company reported Q4 net earnings of $957 million for the quarter ended February 3, 2023, down from $1.206 billion in the same quarter last year.
What the CEO said: “I am confident we are making the right investments – in our associates and in our business – to drive long-term growth. We also continue to improve operating margin, demonstrating our ongoing focus on driving productivity across the company,” said Ellison.
In today’s earnings call, Ellison said, “this is the eleventh consecutive quarter we’ve driven double digit Pro growth.” He added that Pro backlogs are strong, with more than 70% of Pro customers booked out the same or more compared to 2022 levels, according to the company’s January survey.
Lowe’s Companies, Inc. operates more than 1,700 home improvement stores and employs approximately 300,000 associates.
Company info: Click HERE to read the Q4 and full fiscal year 2022 financial report from Lowe’s.