Lowe’s Companies, Inc. on Aug. 17 reported second-quarter 2022 sales of $27.5 billion, a slight drop from the same period in 2021.
Lowe’s reported 2Q net earnings of $3 billion, in line with prior-year results, and diluted earnings per share (EPS) of $4.67 for the quarter ended July 29, compared to diluted EPS of $4.25 in the second quarter of 2021.
Comparable sales for the U.S. home improvement business increased 0.2% in 2Q, Lowe’s said, but DIY sales were “impacted by the shortened spring and lower demand in certain discretionary categories, which was partially offset by a 13% increase in Pro customer sales.”
“I am pleased that our team drove operating margin improvement and effectively managed inventory despite lower-than-expected sales – a clear reflection of our relentless focus on operating discipline and productivity,” commented Marvin R. Ellison, Lowe’s chairman, president and CEO. “Our results in the first half were disproportionately impacted by our 75% DIY customer mix, which was partially offset by our double-digit Pro growth for the ninth consecutive quarter. Despite continued macro uncertainty, we remain confident in the long-term strength of the home improvement market and our ability to take share. To help our hourly front-line associates during this period of high inflation, we are awarding an incremental bonus of $55 million. I’d like to thank our associates for their continued hard work and dedication.”