Home improvement retailer Lowe’s Companies, Inc. on March 1 reported 2022 fourth-quarter sales of $22.4 billion, an increase over the same quarter in 2021, but down sequentially from the $23.5 billion it reported in 2022’s third quarter. Comparable sales for 4Q decreased 1.5%, while comparable sales for Lowe’s U.S. home improvement business declined 0.7%, according to the announcement.
Lowe’s had net earnings of $957 million for the fiscal quarter ended Feb. 3, up significantly from its net earnings of $154 million in 3Q 2022. 4Q diluted earnings per share were $1.58, also a substantial increase from 3Q’s $0.25 EPS. This included pre-tax transaction costs associated with the sale of Lowe’s Canadian retail business, according to the report.
In 4Q, Lowe’s awarded $220 million “in discretionary and profit-sharing bonuses to associates, including $70 million for our assistant store managers and supply chain supervisors and $150 million for eligible hourly associates,” the report said.
“I am confident we are making the right investments – in our associates and in our business – to drive long-term growth,” Lowe’s Chairman, President and CEO Marvin Ellison said in the report. “We also continue to improve operating margin, demonstrating our ongoing focus on driving productivity across the company.”
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