Lowe’s Companies Inc (NYSE:LOW) shares are trading lower in sympathy with Home Depot Inc (NYSE:HD), which reported first-quarter financial results Tuesday morning.
What Happened: Home Depot reported first-quarter revenue of $37.26 billion, which missed consensus estimates of $38.31 billion, according to Benzinga Pro. The home improvement retailer reported quarterly earnings of $3.82 per share, which beat estimates of $3.80 per share.
Comparable sales were down 4.5% year-over-year and customer transactions were down 4.8%. Average ticket climbed 0.2% year-over-year.
Home Depot also lowered its full-year outlook. The retailer said it expects sales and comparable sales to decline in a range of 2% to 5%. Full-year earnings are expected to drop 7% to 13% year-over-year.
Related Link: Home Depot’s Q1 Performance: Lumber Deflation, Inclement Weather Hits Revenue, Lowers FY23 Outlook
Lowe’s is set to report its first-quarter results on May 23. The home improvement retailer is expected to report earnings of $3.47 per share on quarterly revenue of $21.66 billion, according to estimates from Benzinga Pro.
LOW Price Action: Lowe’s shares were down 2.39% at $196.73 at the time of publication, according to Benzinga Pro.
Photo: courtesy of Lowe’s.
