Lowe's Reports 5% Sales Increase for Q4, Earnings Down 21%
Mooresville, NC, March 1, 2023-Lowe’s announced Q4 2022 sales were $22.4 billion, a 5% increase compared to $21.3 billion in Q4 2021. Comparable sales for Q4 decreased 1.5%, and comparable sales for the U.S. home improvement business decreased 0.7%.
Net earnings for Q4 2022 were $957 million, a 21% loss compared to earnings of $1.21 billion in Q4 2021.
Comparable sales expected to be flat to down 2% as compared to prior year. The flooring department was called out as a department that performed below the company average.
For the fiscal year, the company reported earnings $6.44 billion, a 24% loss compared to earnings of $8.44 billion in the prior year.
"We continue to make strides on our Total Home strategy, with 10% Pro growth in the U.S. and 5% increase in Lowes.com sales. In recognition of the front-line leaders and associates who delivered these results, we are pleased to award $220 million in discretionary and profit-sharing bonuses," commented Marvin R. Ellison, Lowe's chairman, president and CEO. "I am confident we are making the right investments – in our associates and in our business – to drive long-term growth. We also continue to improve operating margin, demonstrating our ongoing focus on driving productivity across the company."