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Lowe’s Lowers Full Year 2024 Outlook on Weak DIY Sales

publication date: Aug 20, 2024
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Image: Lowe’s shares have traded sideways since the beginning of 2022. 

Lowe’s updated its outlook for full year 2024 to account for “lower than expected DIY sales and a pressured macroeconomic environment.” Total 2024 sales are now expected in the range of $82.7-$83.2 billion (was $84-$85 billion), with comparable store sales expected to be down 3.5%-4% (was -2% to -3%). Adjusted operating income as a percentage of sales is targeted in the range of 12.4%-12.5% (was 12.6%-12.7%). Adjusted diluted earnings per share is expected in the range of $11.70-$11.90 (was $12.00-$12.30). Our $230 fair value estimate of Lowe’s remains unchanged at this time. Shares yield 1.9%.


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