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Lowe’s expects 2022 sales to miss estimates as home improvement demand cools -Breaking

by Mike Robinson

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© Reuters.

(Reuters) – Lowe’s (NYSE) Cos Inc forecast Wednesday full-year revenue and profit for 2022 below analyst estimates. This signaled that a pandemic-driven rise in home-improvement products demand would wane, sending its shares down 4%

Lowe’s expects that 2022’s same-store sales will fall by as much as 3 percent. The easing coronavirus restrictions allows Americans to stop buying paint, tools, and other gardening supplies for DIY projects.

According to Refinitiv IBES data, the company’s 2022 total sales were $94 billion-$97 billion. This is below analysts estimates of $97.66 trillion. The company’s 2022 earnings per shares forecasted at $12.25 to $12.33 was also significantly below the $12.93 share estimates.

 

 

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