Lowe's sales slump by 11 per cent in 2023

The US DIY chain Lowe's recorded an 11.0 per cent decline in sales in the 2023/2024 financial year (ending 2 February 2024) compared to the previous year. The sales volume amounted to USD 86.377 bn (EUR 79.608 bn).

In the fourth quarter, sales for the world's second-largest DIY group literally collapsed. Compared to the same period last year, they fell by 17.1 per cent to USD 18.602 bn (EUR 17.144 bn). Like-for-like sales fell by 6.2 per cent. The company cites weak DIY sales and the unfavourable winter weather in January as the reason for this; professional sales, on the other hand, maintained their level.

"We remain confident in the long-term strength of the home improvement market," commented Marvin R. Ellison, Lowe's chairman, president and CEO, "and we are making the right investments in our Total Home strategy to take share."