Outcomps Depot Again But SSS Lighter Than Expected... 

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Outcomps Depot Again But SSS Lighter Than Expected...

Broadlines & Hardlines

Home Improvement - Market Overweight

LOWE'S COMPANIES, INC. (LOW) May 20, 2026

Outcomps Depot Again But SSS Lighter Than Expected... Rating:

Outperform

The Wolfe Byte Price: $218.37

LOW 1Q results were mixed and missed buyside expectations of a +1.0% comp. Price Target:

While Lowe's did still outcomp HD US it was a smaller gap than expected, and they $288

should have benefited more from tax refunds, weather and mix dynamics (click % Upside:

31.7%here for our preview).

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Commentary on trends through the quarter and May in particular will be key as Company Information

investors assess who is better set up for the 2H (HD called out acceleration with 52-Week Range $211 - $287

better weather compare dynamics here). Market Cap. (MM) $122,301

Enterprise Value (MM) $165,612

(=/-) 1Q26 SSS In-Line But EPS Ahead Slightly. SSS ticked up +0.6% was in-line Shares Out. (MM) 560.1

with consensus and missed our estimate of +1.0%. SSS decelerated sequentially by Avg. Value Traded (MM) $813.27

SI% of Float 2.1%

-260bps on a 2-Yr basis to -1.1% in 1Q vs +1.5% in 4Q. Adj Gross margins came in

at 32.7% vs consensus at 32.4%. Adj. EBIT margins were 11.5% and in-line with the Price Performance

Street. Incremental EBIT margins were 7.2% in 1Q, which was up from 5.2% in 4Q. YTD LTM

LOW (6)% 0%

Adj EPS of $3.03 was slightly ahead of consensus at $2.97. S&P 500 6% 28%

(=/+) 2026 SSS & EPS Guidance Reaffirmed... Some Braced For Cut Here. Lowe's 300

continues to expect sales of $92-94bn vs consensus at $93.2bn. SSS are forecast 290280

at flat to +2% (In-line with HD's SSS outlook) vs the Street at +1.3%. Management 270260

250is guiding EBIT margins to 11.6-11.8% vs consensus at 11.7%.