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Lowe’s Companies Inc. today reported net earnings of $2.4 billion for the second quarter ended Aug. 2, with total sales for the quarter down 5.6% year over year to $23.6 billion.
Comparable sales for the quarter decreased 5.1% driven by continued pressure in DIY bigger ticket discretionary spending and unfavorable weather adversely impacting sales in seasonal and other outdoor categories, partially offset by positive comparable sales in pro and online.
“The company delivered strong operating performance and improved customer service despite a challenging macroeconomic backdrop, especially for the homeowner,” says Marvin R. Ellison, Lowe’s chairman, president and CEO. “At the same time, we continue to build momentum with our Total Home strategy reflected by our mid-single-digit positive comps with the pro customer this quarter. As we look ahead, we are confident that we are making the right long-term investments to take share when the market recovers.”
“Based on lower-than-expected DIY sales and a pressured macroeconomic environment,” the company has updated its year-end projections from $84 billion in total sales to $82.7 billion on the low end and comparable sales at -3.5% to 4%, down from -2% to -3% in its initial projection.
