Lowe’s Q1 sales down

Lowe’s, based in Mooresville, N.C., reported a decrease in first quarter revenue and income.

“We are pleased with the performance of our business despite record lumber deflation and unfavorable spring weather,” said Marvin Ellison, Lowe’s chairman, president and CEO.

The company reported net sales for the first quarter of 2023 were $22.3 billion compared with $23.7 in the first quarter last year. Comparable sales decreased 4.3%, driven by lumber deflation, unfavorable weather and lower DIY discretionary sales. Comparable sales are based on comparison to weeks 2-14 in 2022.

Net earnings for the first quarter were $2.26 billion, compared with net earnings of $2.33 billion for the first quarter last year.

In the outlook for the full year 2023, the company said it expects total sales of $87 to 89 billion. Comparable sales are expected to be down 2 percent to 4 percent for the year. That expectation was lowered from a range of flat to down 2 percent. 

“We remain optimistic about the medium-to-long term outlook for home improvement and our ability to continue to grow market share through our Total Home strategy,” said the CEO.

The Bottom Line: Lowe’s sales for the first quarter of 2023 fell 4% company wide to just over $22  billion.

What the CEO said: “Although we delivered positive comparable sales in pro and online for the first quarter, we are updating our full-year outlook to reflect softer-than-expected consumer demand for discretionary purchases,” said Ellison.

Lowe’s Companies, Inc. operate more than 1,700 home improvement stores and employ approximately 300,000 associates.

Company info: Click HERE to read the full financial report for Q1 2023 from Lowe’s.