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Lowe’s Companies, Inc. (NYSE: LOW) has reported flat revenues for the second quarter of fiscal 2022. Comparable store sales of the home improvement chain decreased during the period.
Lowe’s Companies Q2 2022 earnings infographic
At $27.5 billion, second-quarter revenues were broadly unchanged from the prior-year quarter. Total comparable store sales decreased 0.3%, while the U.S. home improvement comparable sales edged up 0.2%.
Net income dropped to $2.99 billion in the most recent quarter from $3.02 billion in the second quarter of 2021. On a per-share basis, however, earnings increased to $4.67 per share from $4.25 per share last year.
Check this space to read management/analysts’ comments on Lowe’s Q2 2022 results
“Our results in the first half were disproportionately impacted by our 75% DIY customer mix, which was partially offset by our double-digit Pro-growth for the ninth consecutive quarter.  Despite continued macro uncertainty, we remain confident in the long-term strength of the home improvement market and our ability to take share,” said Marvin Ellison, Lowe’s chief executive officer.
Looking for more insights on the earnings results? Click here to access the full transcripts of the latest earnings conference calls!
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