Lowe's Stock Actually Gained 14% in the Second Half of 2022. Is the Worst Over?
In 2022, shares of home-improvement retailer Lowe's (NYSE: LOW) underperformed the S&P 500, dropping nearly 23% for the year compared to the market's 19% decline. However, returns in the second half of 2022 were far more promising, with Lowe's stock up 14% whereas the S&P 500 was only up 1%.
Lowe's did report some encouraging news in the back half of 2022. Specifically, the stock jumped after reporting financial results for the third quarter. And the company updated some long-term financial targets, which also modestly contributed to its market-beating performance in the second half of the year.
In Q3, Lowe's net sales were only 2.6% year over year. However, the company's same-store sales were up 3% and better than expected. And its sales to professional customers were up a whopping 19%. Moreover, e-commerce sales jumped 12%.
Source Fool.com
