Lowe’s on Tuesday reported net sales of $24.9 billion, down 9.1% year over year, and net earnings of $2.7 billion, a decrease of 10.6%. The retailer said that comparable sales fell 1.6% in Q2 but that Pro and online sales growth partially offset lower DIY discretionary demand.
Analysts at Telsey Advisory Group, led by Joe Feldman, said the company beat expectations and concurred with its take on what’s ahead. “In the near term, the industry faces 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 three years,” Feldman said in a note published ahead of Tuesday’s call.
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