Lowe's beats estimates, even as DIY consumers pull back

yahoo Finance

Lowe’s (LOW) customers pulled back their spending again this quarter. On Tuesday morning, the home improvement retailer posted revenue of $21.36 billion, higher than the $21.13 billion Wall Street expected. Same-store sales fell 4.1%, a slight improvement from the 4.3% drop seen in Q1 of last year.

In a note to clients, Telsey Advisory Group’s Joe Feldman maintained the firm’s Hold rating on Lowe’s. “The industry continues to face headwinds related to the weak housing market trends, consumers remaining cautious with spending, especially on big ticket items and projects, and continued normalization from the pandemic-related gains from the past four years,” he said.

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