Lowe's Reports Strong Q4 Earnings Amid Declining Sales

Despite surpassing earnings expectations, Lowe's anticipates a challenging year ahead with projected declines in sales and comparable store performance.

• Lowe's fourth-quarter earnings per share rose to $1.77, exceeding analysts' forecasts and marking an improvement from the previous year's $1.58.
• The company's quarterly revenue declined to $18.6 billion from $22.4 billion a year earlier, reflecting a downturn in consumer spending on home improvement.
• Comparable sales for the quarter fell by 6.2%, indicating a continued pullback in do-it-yourself (DIY) projects among consumers.
• Lowe's projects full-year earnings of $12 to $12.30 per share for 2024, with expected revenue between $84 billion and $85 billion, signaling caution amid economic uncertainty.
• Shares of Lowe's saw a slight increase, up 1.7% to $235.03, despite the challenging outlook for the home improvement sector.

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