Lowe’s Reports Q2 Net Sales Decline of 9%, Earnings Down 7%

August 22, 2023, from Floor Focus FloorDaily News

Mooresville, NC, August 22, 2023 – Lowe’s reported net sales of $25 billion for Q2 2023, a 9% decline compared to net sales of $27.5 billion in the same period last year.

Comparable sales decreased 1.6%, with strong spring recovery and Pro and online sales growth, partially offsetting lumber deflation and lower DIY discretionary demand.

For the first half of 2023, sales were $47.3 billion, a 7% decline compared to sales of $51.1 billion in the prior year half.

Net earnings for Q2 were $2.7 billion, a 10% decline compared to net earnings of $3 billion in the prior year period.

For the first half, net earnings were $4.9 billion, a decrease of 10% compared to earnings of $5.3 billion in the same period last year.

““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 R. Ellison, Lowe’s chairman, president and CEO. “Our ability to reduce expenses while improving customer service is the result of excellent execution by our team, and we remain confident in the mid- to long-term outlook for the home improvement industry.”