By Dean Seal
Earnings for Lowe's increased in the fourth quarter, even with a lower base of sales as it improved gross margin and cut overhead costs.
The home-improvement retailer posted a profit of $1.02 billion for the quarter ended Feb. 2, compared with $957 million in the same quarter a year ago.
Earnings were $1.77 a share. Analysts polled by FactSet had been expecting $1.68 a share.
Quarterly revenue declined to $18.6 billion from $22.45 billion last year, coming in above analyst forecasts for $18.47 billion, according to FactSet.
The year-ago quarter included about $958 million generated from its Canadian retail business, which the company divested last February.
Comparable sales, which adjust for store openings and closings, were down 6.2% during the quarter.
For the fiscal year ahead, Lowe's is expecting earnings of $12 to $12.30 a share on revenue of $84 billion to $85 billion. Analysts surveyed by FactSet are currently forecasting $12.68 a share on $85.36 billion for fiscal 2024.
Comparable sales are projected to decline 2% to 3% for the new fiscal year.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
02-27-24 0637ET