Lowe's second fiscal quarter results showed a net income of $2.4 billion, or $4.27 per share, which was consistent with the previous year. However, the company adjusted its full-year sales guidance to $92 billion, down from a previous range of $92 billion to $94 billion, and now expects comparable sales to be flat instead of slightly increasing.
The adjusted earnings per share forecast was also lowered to $12.25 from a range of $12.25 to $12.75. Analysts had anticipated earnings of $4.22 per share, while Lowe's reported adjusted earnings of $4.40 per share, benefiting from tariff refunds that added 11 cents to earnings.
Total sales for the quarter reached $25.96 billion, an increase from $23.96 billion year-over-year, but fell short of the $26.16 billion expected by analysts. The company noted a 15.7% rise in online sales, although this was tempered by macroeconomic pressures affecting DIY customers.
CEO Marvin Ellison emphasized the company's commitment to its Total Home strategy despite the current challenges, which are echoed by rival Home Depot's reports of a stagnant housing market and reduced customer engagement in larger projects