Lowe's total sales for the quarter ended May 3 were $21.4 billion, down 4.0% compared with $22.3 billion in the prior-year quarter.
Comparable store sales for the quarter decreased 4.1%; the company said "the decline in DIY big ticket discretionary spending was partially offset by positive comparable sales in Pro and online."
Net earnings for the quarter were $1.8 billion, a decline of 7.8% from net earnings of $2.3 billion in the same quarter of 2023.
"We are pleased with our start to spring, driven by strong execution and enhanced customer service," stated Marvin R. Ellison, Lowe's chairman, president and CEO. "This quarter we rolled out our new DIY loyalty program nationally, expanded same-day delivery options and took market share in key categories. We continue to gain momentum with our Total Home strategy, reflected in our growth in Pro and online.
The company said its full-year outlook includes total sales of $84 to $85 billion and comparable store sales being down -2 to -3% as compared to the prior year.
As of May 3, Lowe's operated 1,746 stores and totaled 194.9 million square feet of retail selling space.
The full report for the quarter can be found here.
