Lowe’s yearly sales rise

CEO notes ‘10% Pro growth’ as full year and fourth quarter sales up.
Lowe's parking lot view shutterstock
U.S. comp-store sales were negative 0.7 percent in the fourth quarter.

Lowe’s, based in Mooresville, N.C., reported fourth quarter total sales of $22.4 billion, compared to $21.3 billion in the fourth quarter of 2021. Comparable-store sales for the U.S. home improvement business decreased 0.7% for the fourth quarter.

For the full year, sales were $97.1 billion, compared to $96.3 billion from fiscal 2021.

As was the case with rival Home Depot, which reported its fourth quarter earnings a week earlier, stronger than expected commodity deflation, especially in the form of lumber prices, weighed on sales. Still, Lowe’s pointed to momentum in its pro business along with solid DIY demand in its core home improvement categories. 

We continue to make strides on our Total Home strategy, with 10% Pro growth in the U.S. and 5% increase in sales. In recognition of the front-line leaders and associates who delivered these results, we are pleased to award $220 million in discretionary and profit-sharing bonuses,” said Marvin Ellison, Lowe’s chairman, president and CEO.

Net earnings for fiscal 2022 were $6.4 billion, compared with net earnings of $8.4 billion in fiscal 2021.

comps LOW

Lowe’s offered a full-year outlook that calls for total sales of approximately $88 billion to $90 billion, in 2023, which will have one less week than 2022. 

Comparable sales are expected to be in the range from flat to down 2%.

The Bottom Line: The company reported Q4 net earnings of $957 million for the quarter ended February 3, 2023, down from $1.206 billion in the same quarter last year. 

What the CEO said:I am confident we are making the right investments – in our associates and in our business – to drive long-term growth. We also continue to improve operating margin, demonstrating our ongoing focus on driving productivity across the company,” said Ellison.

In today’s earnings call, Ellison said, “this is the eleventh consecutive quarter we’ve driven double digit Pro growth.” He added that Pro backlogs are strong, with more than 70% of Pro customers booked out the same or more compared to 2022 levels, according to the company’s January survey. 

Lowe’s Companies, Inc. operates more than 1,700 home improvement stores and employs approximately 300,000 associates.

Company info: Click HERE to read the Q4 and full fiscal year 2022 financial report from Lowe’s.

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