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Lowe’s announces flat 2Q earnings, bonuses for employees

Aug. 17. Mooresville-based Lowe’s Cos. (NYSE: LOW) today reported net earnings of $3.0 billion, in line with prior-year results, and diluted earnings per share (EPS) of $4.67 for the quarter ended July 29, 2022, compared to diluted EPS of $4.25 in the second quarter of 2021.

—Lowe’s, which has nearly 2,000 stores in the US and Canada, also announced an incremental bonus of $55 million to help hourly front-line associates in the midst of high inflation. The company employs about 300,000 people.

Total sales for the second quarter were $27.5 billion compared to $27.6 billion in the second quarter of 2021, and comparable sales decreased 0.3 percent. Comparable sales for the US home improvement business increased 0.2 percent for the second quarter. DIY sales were impacted by the shortened spring and lower demand in certain discretionary categories, which was partially offset by a 13 percent increase in Pro customer sales.

To read the full press release and consolidated statements of earnings, click here.


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