Lowe's reports sales decline in first quarter

Lowe's, the number two DIY store in the U.S. and globally, has reported a decline in sales for the first quarter (ending 29 April) of fiscal 2022/2023. Compared with the same period last year, sales decreased by 4.0 per cent to USD 23.659 bn (EUR 22.591 bn). Comparable sales for the U.S. home improvement business decreased by 3.8 per cent, while sales to professional customers increased by 20 per cent.

"Our sales this quarter were in line with our expectations, excluding our outdoor seasonal categories that were impacted by unseasonably cold temperatures in April.  Because 75 per cent of our customer base is DIY, our Q1 sales were disproportionately impacted by the cooler spring temperatures. Now that spring has finally arrived, we are pleased with the improved sales trends we are seeing in May," commented Marvin R. Ellison, Lowe's chairman, president and CEO.

Market leader Home Depot, on the other hand, has reported record sales in the first quarter.