In this article LOW Follow your favorite stocks CREATE FREE ACCOUNT A Lowe's Home Improvement Warehouse worker collects carts in a parking lot on August 17, 2022 in Houston, Texas. Brandon Bell | Getty Images News | Getty Images Lowe's on Tuesday cut its full-year forecast, as the home improvement retailer's quarterly sales declined and it said it expects spending on do-it-yourself projects to weaken. The company said it now expects total sales of between $82.
7 to $83.2 billion for the full year, compared with the $84 billion to $85 billion that it previously expected. It said it expects comparable sales to fall by 3.
5% to 4%, compared to its prior forecast of a decline of 2% to 3%. It anticipates adjusted earnings per share will be approximately $11.70 to $11.
90, compared with the prior outlook of between $12 and $12.30. Lowe's in a news release cited "lower-than-expected DIY sales and a pressured macroeconomic environment.
" Here's what the company reported for the fiscal second quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG: Earnings per share: $4.10 vs. $3.
97 expected Revenue: $23.59 billion vs. $23.
91 billion expected In the three-month period that ended Aug. 2, Lowe's net income fell to $2.38 billion , or $4.
17 per share, compared with $2.67 billion, or $4.56 per share, in the year-ago period.
Lowe's got a $43 million pre-tax gain from the sale of its Canadian retail business in 2022, which lifted its earnings in the second qu.