Lowe's Companies, Inc. (NYSE: LOW) came up with second-quarter fiscal 2024 results, wherein the top line fell short of the Zacks Consensus Estimate, while the bottom line surpassed the same. This Mooresville, NC-based company experienced a year-over-year decline in both metrics and continued with its trend of dismal comparable sales.
The drop in big-ticket discretionary spending among Do-It-Yourself customers, along with adverse weather affecting seasonal and other outdoor categories, hurt the company's performance. These challenges, coupled with a difficult macroeconomic backdrop, led management to revise its full-year forecast downward.
On a positive note, Lowe's Total Home strategy showed continued progress, driven by growth in the Pro segment and online sales. The company achieved mid-single-digit growth in comparable sales with Pro customers.
Q2 in Detail
The home improvement retailer posted adjusted quarterly earnings of $4.10 per share, which came ahead of the Zacks Consensus Estimate of $3.96. However, the figure marked a decline from earnings of $4.56 per share reported in the same period last year.
Net sales of $23,586 million missed the Zacks Consensus Estimate of $23,907 million and fell 5.5% year over year. Comparable sales for the quarter declined 5.1%, primarily due to muted demand from DIY customers, partly offset by strength in the Pro segment and online ...
