Lowe’s (NYSE:LOW) shares are ticking higher today after the home improvement retailer posted better-than-anticipated second-quarter bottom-line results. While revenue declined by 9.2% year-over-year to $24.96 billion, the figure still landed in line with estimates. EPS at $4.56 though, scaled past expectations by $0.09.
Amid lower demand in DIY discretionary and lumber deflation, comparable sales declined 1.6% during the quarter. Lowe’s is witnessing gains in Pro and online channels and is expanding its rural merchandising framework to nearly 300 stores.
Furthermore, for the full year 2023, the company now expects total sales to hover between $87 billion and $89 billion. While comparable sales are seen declining between 2% to 4% over the prior year, EPS is anticipated to be in the range of $13.20 to $13.60. Additionally, the company also expects to incur capital expenditures to the tune of nearly $2 billion for the year.
Overall, the Street has a $239.41 consensus price target on Lowe’s, along with a Moderate Buy consensus rating. Shares of the company have gained nearly 8% over the past six months.
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