Lowe's cuts full-year sales forecast, as spending on do-it-yourself projects weakens

Lowe's chopped its full-year outlook Tuesday, arsenic lumber prices fell and do-it-yourself customers bought less discretionary items.

It lowered its forecast adjacent arsenic it bushed Wall Street's gross and net expectations for the fiscal archetypal quarter.

The location betterment retailer said it present expects full income for the afloat twelvemonth to scope betwixt $87 cardinal and $89 billion, little than the $88 cardinal to $90 cardinal it had antecedently forecast. It said it expects same-store income to diminution by 2% to 4% this fiscal year, beneath the level to down 2% that it had said before.

Shares dipped successful premarket trading.

Here's what the location betterment retailer reported for the three-month play ended May 5 compared with what Wall Street was expecting, based connected a survey of analysts by Refinitiv:

Lowe's nett income for the three-month play was $2.26 billion, oregon $3.77 per share, compared with $2.33 billion, oregon $3.51 per share, a twelvemonth earlier.

Net income fell to $22.35 cardinal from $23.66 cardinal successful the year-ago period, but exceeded Wall Street's expectations.

Shares of Lowe's closed Monday astatine $203.15, bringing the company's marketplace worth to $121.15 billion. Its shares are up astir 2% truthful acold this year, trailing the S&P 500's gains of 9%.

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