Lowe’s Sales Declined 5.9% in Q1, Earnings Relatively Flat

May 23, 2023 from Floor Focus FloorDaily News

Mooresville, NC, May 23, 2023-Lowe’s Q1 2023 sales were $22.3 billion, a 5.9% decline compared to sales of $23.7 billion in the same period last year.

Comparable sales decreased 4.3%, driven by lumber deflation, unfavorable weather and lower DIY discretionary sales.

Net earnings for Q1 2023 were $2.3 billion, virtually flat with the prior year period.

“We are pleased with the performance of our business despite record lumber deflation and unfavorable spring weather. 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 Marvin R. Ellison, Lowe’s chairman, president and CEO. “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. I would like to thank all of our front-line associates for their continued hard work and dedication.”