Lowe’s has reported an increase in sales for the fourth quarter of 2022 of 5.2 per cent. According to a press release by the second largest US and worldwide DIY retailer, sales for the fourth quarter of 2022 amounted to USD 22.4 bn (approx. EUR 21.06 bn), compared with USD 21.3 bn (approx. EUR 20.02 bn) in 2021. Comparable sales for the fourth quarter decreased by 1.5 per cent, and comparable sales for the U.S. home improvement business decreased by 0.7 per cent.
The fourth quarter of fiscal 2022 consisted of 14 weeks, compared with 13 weeks for the prior year. The 14th week added approximately USD 1.4 bn in sales for the quarter and the year, according to Lowe‘s. Comparable sales are based on a comparable number of weeks from the prior year.
For the full year 2023, the company expects total sales of approximately USD 88 to 90 bn. Comparable sales are expected to be flat to down to minus 2 per cent as compared with the previous year.