shares of lowe’s companies inc low dropped 10 in premarket trading tuesday after the home improvement retailer beat fiscal firstquarter profit and sales expectations but cut its fullyear outlook citing lower demand net income for the quarter to may 5 was 226 billion or 377 a share after income of 233 billion or 351 a share in the yearago period excluding nonrecurring items adjusted earnings per share of 367 beat the factset consensus of 344 total sales declined 55 to 2235 billion above the factset consensus of 2160 billion while the samestore sales decline of 43 missed expectations for a 34 decline “we are pleased with the performance of our business despite record lumber deflation and unfavorable spring weather” said chief executive officer marvin ellison “although we delivered positive comparable sales in pro and online for the first quarter we are updating our fullyear outlook to reflect softerthanexpected consumer demand for discretionary purchases” for fiscal 2023 the company lowered its guidance ranges for adjusted eps to 1320 to 1360 from 1360 to 1400 and for sales to 87 billion to 89 billion from 88 billion to 90 billion the stock has gained 20 year to date through monday while the sp 500 spx has advanced 92