Statements including words such as "believe", "expect", "anticipate", "plan", "desire", "project", "estimate", "intend", "will", "should", "could", "would", "may", "strategy", "potential", "opportunity", "outlook", "scenario", "guidance", and similar expressions are forward-looking statements. This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. A replay of the call will be archived at ir.ĭisclosure Regarding Forward-Looking Statements Supplemental slides will be available approximately 15 minutes prior to the start of the conference call. The conference call will be available by webcast and can be accessed by visiting Lowe's website at ir. and clicking on Lowe's Third Quarter 2022 Earnings Conference Call Webcast. The Canadian retail business represents less than 6% of consolidated full year 2022 sales outlook, and approximately 60 basis points of dilution on the consolidated full year 2022 operating margin outlook.Ī conference call to discuss third quarter 2022 operating results is scheduled for today, Wednesday, Nov. Total share repurchases of approximately $13 billion (previously $12 billion) Gross margin rate up slightly compared to prior yearĭepreciation and amortization of approximately $1.75 billionĪdjusted operating income 2 as a percentage of sales (adjusted operating margin 2) of 13.0%Īdjusted effective income tax rate 2 of approximately 25%Īdjusted diluted earnings per share 2 of $13.65 to $13.80 (previously $13.10 to $13.60) Total sales of approximately $97 – $98 billion, including the 53rd weekĥ3rd week expected to increase total sales by approximately $1.0 billion to $1.5 billionĬomparable sales expected to be flat to down -1% as compared to prior year During the quarter, the company repurchased approximately 20.5 million shares for $4.0 billion, and it paid $666 million in dividends.Īll Adjusted measures exclude asset impairment and expected transaction costs associated with the sale of our Canadian retail business, which is currently expected to close in early 2023.įull Year 2022 Outlook - a 53-week Year (comparisons to full year 2021 - a 52-week year) With a disciplined focus on its leading capital allocation program, the company continues to generate long-term shareholder value. "I am pleased that we are once again able to share the success of the company with our hard-working front-line associates, and I look forward to discussing our next chapter of growth at our Analyst & Investor Conference in December." Ellison, Lowe's chairman, president and CEO. This enabled us to award $200 million in bonuses to our front-line hourly associates, while also announcing $170 million in permanent wage increases," commented Marvin R. We also drove substantial improvement in adjusted operating margin through disciplined execution and cost management. Sales on grew 12%, on top of 25% growth last year. comps up 3%, driven by Pro growth of 19% and improved DIY sales trends. "We delivered better-than-expected results this quarter, with U.S. home improvement business increased 3.0% for the third quarter. Total sales for the third quarter were $23.5 billion compared to $22.9 billion in the third quarter of 2021, and comparable sales increased 2.2%.
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