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Tags: Coronavirus | Financial Markets | Infrastructure | Money | Vaccines | Lowes | DIY home improvement

Lowe's Expects 2022 Sales to Miss Estimates as Home Improvement Demand Cools

Lowe's
(Dreamstime)

Wednesday, 15 December 2021 08:26 AM

Lowe's Cos Inc. on Wednesday forecast full-year 2022 revenue and profit below analysts' estimates, signaling that a pandemic-driven surge in demand for home improvement products would wane and sending its shares down 4%.

Lowe's said it expects 2022 same-store sales to fall as much as 3%, as the easing of coronavirus restrictions encourages Americans to leave behind some pandemic shopping habits such as spending on paint, tools and gardening equipment for DIY projects.

The company forecast 2022 total sales of $94 billion to $97 billion, below analysts' estimates of $97.66 billion, according to Refinitiv IBES data. Its 2022 earnings per share forecast of $12.25 to $13 was also largely below estimates of $12.93 per share.

© 2022 Thomson/Reuters. All rights reserved.


StreetTalk
Lowe's Cos Inc. on Wednesday forecast full-year 2022 revenue and profit below analysts' estimates, signaling that a pandemic-driven surge in demand for home improvement products would wane and sending its shares down 4%.
Lowes, DIY home improvement, post-pandemic economic recovery
115
2021-26-15
Wednesday, 15 December 2021 08:26 AM
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