Lowe’s Stock Lower on Missed Revenue Expectations
Nov 21, 2023 By MarketDepth
Lowe’s (LOW:NASD) stock was lower on the day as the company missed revenue expectations and cut revenue outlooks. As the company saw the pandemic renovation boom they’re seeing lower demand for big-ticket home renovation items. The company’s revenue outlook was cut to $86 billion from $87-89 billion and an EPS of $13 from $13.20-13.60.
Lowe’s CEO said a large portion of the company’s revenue is from DIY renovation projects and as spending slowed it affected there revenue more than expected. The company did disclose that professional contractor revenue has increased to help offset some of the losses.
Home Depot last week recently announced the same cut in discretionary spending and cut in revenue outlook. As interest rates start to take hold and bills start to increase this has caused more of a slowdown in this sector.
Lowe’s stock is down 3% intraday and down about 8% on the year.