Fast Money Blog- 8/25/23

On Tuesday, August 22nd Lowe’s Companies, Inc. (LOW) released its Q2 2023 earning results. Lowe’s top-line revenue in the second quarter was $24.9 billion, down about 9% year-over-year. 

The company also said that comparable sales dropped 1.6%.

On a positive note Lowe’s reported that Q2 online sales grew 6.9% year-over-year.  

During Q2 the company repurchased approximately 10.1 million shares for $2.2 billion, and paid $624 million in dividends. 

Lowe’s, like Home Depot, as seen a drop-off in home improvement enthusiasm since Covid, but the company said it still got a lift from spring projects, online growth and momentum with home professionals.

Lowe’s is on track with beating revenue for 2023. 

Just remember, 5 years ago the stock was trading at $114 per share and over the past year it has been as high as $238.

I see LOW stock going continuously higher and consider it a great long-term date. 

Tyrone Jackson, The Wealthy Investor