Lowe’s reported sales of $23.6 billion for the second quarter of fiscal 2024, a 5.1% decrease from $25.0 billion in the second quarter of 2023.
The company attributed the sales decrease to a drop in discretionary spending for DIY projects and unfavorable weather impacting seasonal and outdoor item sales.
Meanwhile, net earnings were $2.4 billion for the second quarter, or $4.17 per diluted share, compared with net earnings of $2.7 billion in the same period in 2023.
"The company delivered strong operating performance and improved customer service despite a challenging macroeconomic backdrop, especially for the homeowner,” Lowe’s CEO Marvin R. Ellison said in a statement. “At the same time, we continue to build momentum with our Total Home strategy reflected by our mid-single-digit positive comps with the Pro customer this quarter."
Read Lowe’s second quarter report here.
