Lowe's reports strong earnings for fiscal second quarter, surpassing analyst estimates
Key highlights include a 238% increase in net income and a 29.8% increase in comparable sales
MOORESVILLE, N.C. – April 25, 2023 – Lowe's Companies, Inc. (NYSE: LOW) today reported net income of $2.38 billion for the fiscal second quarter ended April 29, 2023. This represents a 238% increase from the net income of $703 million reported in the same period last year.
The company's comparable sales also increased by 29.8% during the quarter, driven by strong demand for home improvement products and services. Total sales for the quarter were $26.48 billion, up from $19.26 billion in the prior-year period.
Lowe's CEO, Marvin Ellison, said, "We are pleased to report another strong quarter, with record sales and earnings. Our team's execution of our strategic initiatives is driving growth across all of our businesses. We are well-positioned to continue to deliver value to our customers and shareholders."
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