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Lowe’s sales rose 8.3% in Q2 as Pro and online demand offset DIY pullback
Lowe’s trimmed full-year guidance to about $92 billion in sales and $12.25 in adjusted EPS after comparable sales rose only 0.2% and DIY categories weakened.
Lowe’s Companies reported second-quarter sales of $26 billion, up 8.3% from a year earlier, but comparable sales increased just 0.2%, with performance split between Pro and online shoppers versus everyday DIY homeowners. According to Yahoo Finance, spending from Pro contractors, online customers, and Do-It-For-Me buyers held up, while DIY demand pulled back enough to prompt Lowe’s to narrow its expectations for the year. The company attributed Pro growth to support for small and medium-sized contractors via its digital planning tools and the MyLowe’s Pro Rewards loyalty program. Online sales rose 15.7%, helped by expanded visualization tools and the Mylow AI agent, which has handled more than 25 million customer and associate questions since launch. Lowe’s chief executive Marvin Ellison said online shoppers who use Mylow convert at three times the rate of shoppers who do not. Lowe’s also pointed to a seventh consecutive quarter of positive comparable appliance sales, supported by next-day delivery across virtually every US ZIP code and moves into premium products. Still, comparable transactions fell 2.1% during the quarter, offset only by a 2.3% rise in average ticket, and management attributed DIY weakness to weather-sensitive and seasonal categories. Lowe’s guided toward the bottom of its prior range, targeting roughly $92 billion in sales and $12.25 in adjusted earnings per share for the full year, and said adjusted operating margin slipped 62 basis points to 14%.