Lowe’s (LOW) earnings Q1 2023

Lowe’s cut its full-year outlook Tuesday, as lumber prices fell and do-it-yourself customers bought fewer discretionary items.

It lowered its forecast even as it beat Wall Street’s revenue and earnings expectations for the fiscal first quarter.

The home improvement retailer said it now expects total sales for the full year to range between $87 billion and $89 billion, lower than the $88 billion to $90 billion it had previously forecast. It said it expects same-store sales to decline by 2% to 4% this fiscal year, below the flat to down 2% that it had said before.

Shares dipped in premarket trading.

Here’s what the home improvement retailer reported for the three-month period ended May 5 compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

• Earnings per share: $3.67 adjusted vs. $3.44 expected
• Revenue: $22.35 billion vs. $21.6 billion expected

Lowe’s net income for the three-month period was $2.26 billion, or $3.77 per share, compared with $2.33 billion, or $3.51 per share, a year earlier.

Net sales fell to $22.35 billion from $23.66 billion in the year-ago period, but exceeded Wall Street’s expectations.

Shares of Lowe’s closed Monday at $203.15, bringing the company’s market value to $121.15 billion. Its shares are up nearly 2% so far this year, trailing the S&P 500’s gains of 9%.

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