USA – Lowe’s, one of the largest global home improvement retailers, reported weaker-than-expected sales in the 2Q-2024 and reduced its full-year outlook due to a slowdown in spending on major home improvement projects.

The company attributed the sales decline to “continued pressure in DIY larger ticket discretionary spending,” a trend noted over the past year, and unfavorable weather affecting certain product categories. However, these declines were partially mitigated by growth in digital operations and increased sales to professional contractors, a key segment for Lowe’s and its competitor Home Depot.

For the 2Q-2024, Lowe’s net sales were USD 23.6 billion, marking a 5.6% decrease from U SD25.0 billion in the same quarter last year. Comparable sales for the quarter fell by 5.1%, driven by reduced spending on DIY large-ticket items and adverse weather conditions impacting seasonal and outdoor categories. These were partly offset by positive comparable sales in professional and online segments.

Net earnings for the second quarter of 2024 were USD 2.4 billion, an 11.1% decline from USD 2.7 billion in the 2Q-2023.

For the first half of 2024, total sales decreased by 4.9% to USD 45 billion from USD 47.3 billion in the same period of 2023. Net earnings for the first half of 2024 were USD 4.1 billion, reflecting a 16% decrease compared to USD 4.9 billion in the first half of the previous year.

Despite the challenging economic conditions for homeowners, Lowe’s Chairman, President, and CEO, Marvin R. Ellison, highlighted the company’s strong operational performance and enhanced customer service. He stated, “We are confident in our long-term investments and our strategy to capture market share as the market recovers. I also want to extend my gratitude to our dedicated frontline associates for their commitment to serving our customers.”