Lowe's sales down 9 per cent

Lowe's, the number two DIY retailer in the US and the world, reported 9.2 per cent lower sales in its second quarter (ending 4 August 2023) compared to the same period in the previous fiscal year. Quarterly sales were USD 24.956 bn (EUR 22.968 bn). On a like-for-like basis, sales declined by 1.6 per cent. It said business got off to a good start in the spring, with professional and online sales up; this partially offset the timber deflation and a weaker DIY discretionary demand.

"Our investments in our Total Home strategy continued to drive growth in the professional and online businesses this quarter. And we are pleased with the recent launch of same-day delivery across the country and the expansion of our rural merchandising concept to approximately 300 stores," said Marvin R. Ellison, Lowe's chairman, president and CEO.

Lowe's half-year sales totalled USD 47.304 bn (EUR 43.536 bn). This is 7.5 per cent less than in the same period last year.