Consumer Discretionary

Lowe’s (NYSE:LOW)  reported fiscal Q1 adjusted earnings  of $3.67 per diluted share, up 5% from a year earlier. Analysts polled by Capital IQ expected $3.45. Net sales for the quarter ended May 5 totaled $22.35 billion, down from $23.66 billion a year earlier. Analysts surveyed by Capital IQ projected $21.68 billion. The home-improvement retailer said its fiscal Q1 comparable sales decreased 4.3%. Analysts polled by Capital IQ expected a decrease of about 3.4%. Lowe’s said it now expects fiscal 2023 adjusted EPS of $13.20 to $13.60, compared with its prior guidance of $13.60 to $14. Sales for the fiscal year are now projected to be in the range of $87 billion to $89 billion, compared with $88 billion to $90 billion previously, the company said. Analysts polled by Capital IQ expect fiscal 2023 normalized EPS of $13.64 on revenue of $88.57 billion.