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08/17/2022

Lowe's Q2 Sales, Comps Flat

The home improvement retailer said softness in the DIY market had a negative impact on second quarter results.
Greg Sleter
Associate Publisher/Executive Editor
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Lowe's

Second quarter sales at Lowe’s were flat year-over-year as growth in the company’s Pro segment offset softness from its DIY customer.

Net sales for the quarter ended July 29 were $27.5 billion, down slightly from net sales of $27.6 billion in the comparable quarter the previous year. Net earnings were $3 billion, also flat when compared to the second quarter in 2021. 

Comparable sales for the U.S. home improvement business increased 0.2% for the second quarter. DIY sales were impacted by the shortened spring and lower demand in certain discretionary categories, which was partially offset by a 13% increase in Pro customer sales.

“Our results in the first half were disproportionately impacted by our 75% DIY customer mix, which was partially offset by our double-digit Pro growth for the ninth consecutive quarter,” said Marvin R. Ellison, Lowe’s chairman, president and CEO. “Despite continued macro uncertainty, we remain confident in the long-term strength of the home improvement market and our ability to take share.”

For the full year, the company expects total sales between $97 billion and $99 billion, with comparable store sales expected to range from -1% to an increase of 1%