Lowe’s Q2 sales down

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

The company reported total sales for the quarter were $25.0 billion, down from $27.5 billion in the same quarter last year.

Comparable sales decreased 1.6%, however a strong spring recovery and pro and online sales growth partially offset lumber deflation and lower DIY discretionary demand.

Net earnings for the second quarter were $2.7 billion, compared with net earnings of $3.0 billion for the same quarter last year.

In the outlook for the full year 2023, the company said it expects total sales of $87 to $89 billion. Comparable store sales are expected to be down 2% to 4% for the year. 

The Bottom Line: Lowe’s sales for the second quarter of 2023 fell 1.6% company wide to $25 billion.

What the CEO said: “Our investments in our Total Home strategy continued to drive growth across pro and online this quarter. And we are excited by our recent launch of same-day delivery nationwide and the expansion of our rural merchandising framework to roughly 300 stores,” said Marvin Ellison, chairman, president and CEO of Lowe’s.

With this service, he said in the conference call this morning, the company will also be able to, “make those last minute deliveries to the pro job site.”

About Q2 performance, Bill Boltz, EVP of merchandising said during the call: “We saw growth in rough plumbing, paint, outdoor and hardware, and these areas helped offset the decreases in lumber.”

Also, he said, the retailer will be launching a full line of Klein Tools in all its stores.

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

Company info: Click HERE to read the full financial report for Q2 2023 from Lowe’s.