Lowe’s on Tuesday reported first-quarter net sales of $22.3 billion. Comp sales for the quarter fell 4.3% from last year due to lumber deflation, unfavorable weather and lower DIY discretionary sales.
“Despite the near-term macro pressures, we believe Lowe’s remains focused on increasing its market share and improving sales productivity and operating efficiency,” Telsey Advisory Group analysts led by Joe Feldman said in a note ahead of the earnings call. Feldman said in the medium term, the company should continue to benefit from focusing on its professional customers; enhancing its digital experience; improving installation services; driving localization; and elevating its assortment.
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