Despite a 1.6% drop in comparable sales in the second quarter, home improvement retailer Lowe’s Companies has maintained its 2023 sales and profit forecasts.
On Aug. 22, the North Carolina-based retailer reported net earnings of $2.7 billion and diluted earnings per share of $4.56 for the second quarter, which ended Aug. 4, compared to diluted EPS of $4.67 in 2Q 2022.
Total sales for the quarter were $25.0 billion. There was a “strong spring recovery” and Pro customer and online sales growth, which partially offset lumber deflation and lower do-it-yourself discretionary demand, Lowe’s officials said in a news release.
Lowe’s Chairman, President and CEO Marvin Ellison said the company’s strategic plan has continued to drive sales growth in the Pro segment, which is largely made up of contractors typically served by wholesale distributors.
The company recently launched same-day delivery nationwide and the expansion of our rural merchandising framework to roughly 300 stores.
In June, Lowe’s appointed a new Executive Vice President to oversee the company’s Pro and Home Services. Read more about how Lowe’s predicts a gain in Pro customer momentum in this May 30 MDM Premium piece.