USA - Lowe's, the second-largest home improvement retailer in the US and globally, disclosed a 9.2 percent decrease in sales for its second quarter, which concluded on August 4, 2023, in comparison to the corresponding period in the prior fiscal year.

The quarter's sales amounted to USD 24.95 billion (EUR 22.96 billion). Adjusted for like-for-like comparisons, sales experienced a decline of 1.6 percent.

The company noted a favorable initial performance during the spring, marked by increased professional and online sales, which partially offset challenges posed by timber deflation and subdued home improvement products discretionary demand.

Marvin R. Ellison, Chairman, President, and CEO of Lowe's, highlighted, "Our ongoing investments in the Total Home strategy have continued to fuel growth in our professional and online sectors this quarter. We're pleased with the recent nationwide launch of same-day delivery and the expansion of our rural merchandising concept to nearly 300 stores."

For the first half of the year, Lowe's accumulated sales of USD 47.30 billion (EUR 43.53 billion), indicating a 7.5 percent decrease compared to the equivalent period in the prior year.