Patrick T. Fallon | Bloomberg | Getty Images
An employee organizes buckets for sale inside a Lowe’s Cos. store in Burbank, California.
Lowe’s on Wednesday delivered a mixed earnings report for the fourth quarter, sending its shares slightly lower in premarket trading.
The home improvement retailer reported fourth-quarter adjusted earnings per share of 80 cents, on sales of $15.65 billion. Analysts were calling for adjusted earnings per share of 79 cents, on sales of $15.74 billion, according to Refinitiv data.
Lowe’s said sales at its stores open for at least 12 months climbed 1.7 percent during the quarter, short of expectations for growth of 2.1 percent.
Lowe’s shares were off less than 1 percent in premarket trading on the news.
The results come just one day after rival Home Depot‘s mixed report. Bad winter weather and a cooling real estate market in the U.S. hurt the largest home improvement retailer in the country during the fourth quarter. Home Depot’s outlook for 2019 also wasn’t as strong as some analysts were expecting, as the state of the housing market could still pose challenges in the year ahead.
Lowe’s, meanwhile, has been overhauling its business with new CEO Marvin Ellison at the helm, in a bid to stay competitive with Home Depot. It’s ending its Mexico retail operations and has been shutting stores to focus on its most profitable locations.
As of Tuesday’s market close, Lowe’s shares are up about 14 percent from a year ago, bringing its market cap to roughly $84.3 billion.
This is a developing story. Please check back for updates.
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