Lowe's Profits Slide In Fourth Quarter

Lowe's Companies, Inc. had US$22.4 billion in sales for the fourth quarter of 2022, a 5.2 per cent decrease compared to $21.3 billion in the prior-year period. The fourth quarter of fiscal 2022 consisted of 14 weeks, compared with 13 weeks for the prior year. The extra week added $1.4 billion in sales for the quarter. Net earnings were $957 million, a drop of 20.6 per cent versus $1.2 billion in the year-ago period. Gross profit was $7.3 billion with a gross margin of 32.3 per cent. This compares to $7 billion in gross profits with a gross margin of 32.9 per cent from fourth quarter 2021.