Benzinga
  • 4 months ago
Lowe's reported second-quarter earnings that beat expectations but missed on sales and cut its full-year outlook, citing lower-than-expected DIY sales and a pressured macroeconomic environment. Lowe's reported lower net income and sales in the recent quarter compared to the prior year period. Comparable sales declined nearly 5% as customers took on fewer discretionary home projects and unfavorable weather hurt outdoor and seasonal item sales. Lowe's and rival Home Depot cited expectations of weaker sales in the second half of 2024 as higher rates dampen discretionary spending on home improvement projects.
Transcript
00:00It's Benzinga, and here's what's on the block.
00:02Lowe's reported second quarter earnings that beat expectations but missed on sales
00:06and cut its full-year outlook, citing lower-than-expected do-it-yourself sales and a pressured macroeconomic
00:12environment.
00:13Lowe's reported lower net income and sales in the recent quarter compared to the prior
00:16year period.
00:18Comparable sales declined nearly 5 percent as customers took on fewer discretionary home
00:22projects, and unfavorable weather hurt outdoor and seasonal item sales.
00:27Both Lowe's and rival Home Depot cited expectations of weaker sales in the second half of 2024
00:33as higher rates dampened discretionary spending on home improvement projects.
00:36For all things money, visit Benzinga.com.

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