Why Shares in Lowe's Companies Lost Ground Today
Shares of Lowe's Companies (NYSE: LOW) were down by more than 6% at 11 a.m. today. The decline comes after disappointing fourth-quarter 2022 earnings released earlier.
Investors weren't expecting too much from Lowe's earnings after its main rival, Home Depot, similarly disappointed the market a week ago. Still, Lowe's figures were even worse than Home Depot's.
For example, Home Depot's global and U.S. comparable sales declined by 0.3% in the quarter, while Lowe's total comparable sales were down 1.5%, with U.S. home improvement comparable sales falling by 0.7%. Moreover, Lowe's full-year guidance, for comparable sales to decline 2% to flat in 2022, compares unfavorably with Home Depot's guidance for comparable sales growth to be flat in 2022.
Source Fool.com
