Lowe’s posted mixed results in the fourth quarter, with earnings above but revenues coming in short of Wall Street expectations, and the company announced it was boosting employee compensation.
A Yahoo Finance-published analyst consensus estimate called for earnings per diluted share of $2.21 and revenue of $22.69 billion
Comparable sales for the fourth quarter slipped 1.5%, and comps for the U.S. home improvement business slipped 0.7% year over year. Net sales for the fourth quarter were $22.45 billion compared to $21.34 billion in the fiscal 2021 period. Operating income was $1.7 billion versus $1.85 billion in the year-before quarter.
For the full fiscal year, net earnings were $6.44 billion, or $10.17 per diluted share, versus $8.44 billion, or $12.04 per diluted share, in the year prior, the company reported.
Net sales for the fiscal year were $97.06 billion versus $96.25 billion in fiscal 2021. Operating income was $10.16 billion versus $12.09 billion in the year before.
In introducing the financial results, Marvin Ellison, Lowe’s chairman, president and CEO, said, “We continue to make strides on our Total Home strategy, with 10% pro-growth in the U.S. and 5% increase in Lowes.com 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. 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.”
