Lowe's reported first-quarter 2024 earnings that beat analysts' expectations for both earnings per share and revenue. The company said do-it-yourself customers purchased fewer expensive items, though gains with professional customers and online sales partially offset the trend. Like rival Home Depot, Lowe's is facing pressure from a cooling housing market and inflation, which is impacting discretionary spending. Despite the challenges, Lowe's stock is up nearly 3% year-to-date compared to an 11% gain for the S&P 500 index.
Category
🗞
NewsTranscript
00:00 It's Benzinga and here's what's on the block. Lowe's reported first quarter 2024 earnings
00:05 that beat analysts' expectations for both earnings per share and revenue.
00:08 The company said do-it-yourself customers purchased fewer expensive items,
00:12 though gains with professional customers and online sales partially offset the trend.
00:16 Like rival Home Depot, Lowe's is facing pressure from a cooling housing market and inflation,
00:20 which is impacting discretionary spending. Despite the challenges, Lowe's stock is up
00:24 nearly 3% year-to-date compared to an 11% gain for the S&P 500 index.
00:29 For all things money, visit Benzinga.com
00:31 (thud)