An exterior view of a Lowe’s home improvement store in Selinsgrove.
Paul Weaver | Lightrocket | Getty Images
Lowe’s beat Wall Street’s earning expectations on Wednesday as demand for home projects picked up during the quarter.
The retailer also announced its latest effort to attract more business from home professionals. It said on Wednesday that it has struck a deal to acquire Foundation Building Materials, a distributor of drywall, insulation and other interior building products for large residential and commercial professionals, for about $8.8 billion.
Lowe’s revised its full-year outlook to reflect the acquisition of Artisan Design Group, a home professional-focused company that it acquired earlier in the year. It said in a news release that its “core business performance in fiscal 2025 remains unchanged.”
For the full year, Lowe’s said it expects total sales of $84.5 billion to $85.5 billion, an increase from its previous range of $83.5 billion to $84.5 billion. It reiterated its comparable sales, a metric that takes out one-time factors like store openings or closures, saying they will be flat to up 1% from the prior year. It expects earnings per share for the year of approximately $12.10 to $12.35, down slightly from its prior range of $12.15 to $12.40.
Here’s what the company reported for the fiscal second quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:
- Earnings per share: $4.33 vs. $4.24 expected
- Revenue: $29.36 billion vs. $23.96 billion expected
In the three-month period that ended August 1, Lowe’s net income rose to $2.4 billion, or $4.27 per share, from $2.38 billion, or $4.17 per share, in the year-ago period. Revenue increased from $23.59 billion in the year-ago quarter.
Lowe’s rival Home Depot missed Wall Street’s expectations for quarterly sales and earnings on Tuesday, but stood by its full-year forecast for 2.8% growth of total sales.
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