Lowe’s Sales Dip Amid ‘Greater-Than-Expected Pullback’ in DIY Spending

Lowe’s reported net earnings of $1.8 billion in the third quarter of 2023, compared to earnings of $154 million in the same period last year, which was impacted by an asset impairment of $2.1 billion related to the company’s Canadian retail business.

The company’s net sales reached $20.5 billion in the third quarter of 2023, a 12.8% decline compared with the third quarter of 2022.

"In the third quarter, the company delivered strong operating performance and improved customer service despite a greater-than-expected pullback in DIY discretionary spending, particularly in bigger ticket categories,” Lowe’s President, Chairman and CEO Marvin Ellison said in a statement.

Lowe’s operated 1,746 stores at the end of the quarter. The company’s full financial report can be found here.

Page 1 of 793
Next Page
Resource Book
Looking for a specific product or a company? Wood Floor Business has the only comprehensive database of the industry.
Learn More
Resource Book
Podcasts
All Things Wood Floor, created by Wood Floor Business magazine, talks to interesting wood flooring pros to share knowledge, stories and tips on everything to do with wood flooring, from installation, sanding and finishing to business management.
Learn More
Podcasts