Home improvement retailer Lowe’s (LOW) has reported fourth-quarter 2024 financial results that beat Wall Street forecasts across the board.
The North Carolina-based company announced earnings per share (EPS) of $1.93 U.S. versus $1.84 U.S. that was expected among analysts.
Revenue in the period totaled $18.55 billion U.S., which topped the $18.29 billion U.S. that was forecast on Wall Street. Sales were down 0.2% from $18.60 billion U.S. a year ago.
Management said that comparable sales for the quarter rose 0.2%, boosted by online sales channels and high single-digit growth among home professionals.
The latest results ended eight consecutive quarters of comparable sales declines at Lowe’s. It also exceeded Wall Street’s expectation of a 1.8% decline in comparable sales for Q4 2024.
However, Lowe’s said those gains were partially offset by a decline in discretionary do-it-yourself home improvement projects during the final months of last year.
Slower housing sales and higher costs have kept many consumers on the sidelines when it comes to renovations and improvements to their houses.
Lowe’s sales for all of 2024 totaled $83.67 billion U.S., down 3% from the previous year.
Looking ahead, Lowe’s forecast full-year 2025 sales of $83.50 billion U.S. to $84.50 billion U.S., which on the upper end would be higher than its revenue in 2024.
Management added that they expect comparable sales to be flat to up 1% and earnings per share of $12.15 U.S. to $12.40 U.S. this year.
The stock of Lowe’s has risen 5% over the past 12 months to trade at $242.39 U.S. a share.
