Lowe’s and The Home Depot both recorded earnings declines in the second quarter of 2023, with Lowe’s profits falling 10% to $2.7 billion and Home Depot’s down 9.9% to $4.7 billion.
Net sales also took a dip for both home improvement retailers. Home Depot sales slid 2.0% to $42.9 billion, while Lowe’s net sales tumbled 9.1% to $24.9 billion.
"While there was strength in categories associated with smaller projects, we did see continued pressure in certain big-ticket, discretionary categories,” Home Depot’s Ted Decker stated. “We remain very positive on the medium-to-long term outlook for home improvement and our ability to grow share in a large and fragmented market.”
Lowe’s CEO Marvin Ellison likewise expressed confidence in the mid- to long-term for the home improvement industry.
“Our ability to reduce expenses while improving customer service is the result of excellent execution by our team,” Ellison added.
