Lowe’s reports lower Q1 sales
Lowe's Companies reported total sales for the quarter ended May 3 were $21.4 billion, compared to $22.3 billion in the prior-year quarter.
Comparable sales for the quarter decreased 4.1% as the decline in DIY big ticket discretionary spending was partially offset by positive comparable sales in pro and online.
Similar to Home Depot’s sales, which were reported a week earlier, Lowe’s comp-store sales have been in negative territory for six consecutive quarters.
In the press release announcing the earnings results, President and CEO Marvin Ellison pointed to momentum behind the company’s “Total Home strategy.”
The CEO added: "We are pleased with our start to spring, driven by strong execution and enhanced customer service,” he said. ”This quarter we rolled out our new DIY loyalty program nationally, expanded same-day delivery options and took market share in key categories.”
The Mooresville, North Carolina-based home improvement giant reported net earnings of $1.755 billion for the quarter, down from $2.260 billion in last year’s quarter, which included a gain associated with the 2022 sale of the Canadian retail business.
As of May 3, 2024, Lowe's operated 1,746 stores representing 194.9 million square feet of retail selling space.
Looking ahead, Lowe’s affirmed its full-year guidance, anticipating total sales of $84 billion to $85 billion, and comparable store sales in the range of negative 2 percent to negative 3 percent.
