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08/17/2022

Lowe’s turn: Sales slip slightly in Q2

Pro sales outpace DIY sales amid ‘macro uncertainty.’
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LOW chart
Sales for the quarter ended July 29 were lower than expected, and just short of last year's record Q2.

A day after Home Depot’s record breaking quarter, the second giant barometer of home-improvement spending entered the books Wednesday morning, as Lowe’s posted what it described as lower-than-expected sales for the three months ended July 29.

Mooresville, N.C.-based Lowe’s said its DIY sales were diminished by a shortened spring and lower demand in certain discretionary categories. DIY accounts for 75 percent of the retailer’s mix. In contrast, pro customer sales increased 13 percent in the quarter — marking the ninth consecutive quarter of double digit pro growth.

Even with total comp-store sales down 0.3 percent, and U.S. comps up 0.2 percent, the company reported its second highest total sales figure for any quarter in Lowe’s history. Sales in the quarter were $27.5. billion, compared to $27.6 billion in last year’s second quarter, the company’s all-time sales zenith.

Net income of $2.992 billion for the quarter also stands out as an all-time runner-up to the second quarter last year, which saw net income of $3.018 billion.

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Bottom line: Net earnings of $2.992 billion, were down 0.9 percent from $3.018 billion last year.

What the CEO said: “Despite continued macro uncertainty, we remain confident in the long-term strength of the home improvement market and our ability to take share," said Marvin Ellison, chairman and CEO.

For more information: The company’s earnings release can be found here.

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Lowes
Lowe's U.S. comps increased 0.2 percent in the quarter.

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