- Lowe's Companies Inc (NYSE:LOW) reported fourth-quarter FY21 sales growth of 5% year-on-year, to $21.34 billion, beating the consensus of $20.87 billion.
- Comparable sales increased 5%. Comparable sales for the U.S. home improvement business rose 5.1%.
- EPS of $1.78 beat the consensus of $1.70.
- Gross profit climbed 8.8% Y/Y to $7 billion, with the margin expanding 115 basis points to 32.93%.
- The operating margin expanded 117 basis points to 8.67%, and operating income for the quarter rose 21.3% to $1.8 billion.
- The company held $1.4 billion in cash and equivalents as of January 28, 2022. Net cash provided by operating activities for the fiscal year totaled $10.1 billion.
- Outlook: Lowe's raised FY22 sales outlook to $97 billion - $99 billion (previous view $94 billion - $97 billion), above the consensus of $96.99 billion.
- Comparable sales to range from a decline of 1% to an increase of 1% (prior view decline of 3% to flat).
- The company also raised FY22 EPS guidance to $13.10 - $13.60 (previously $12.25 - $13.00), above the Street view of $12.94.
- Price Action: LOW shares are trading higher by 2.52% at $220.00 in premarket on the last check Wednesday.
