Quarterly sales at Lowe's continue to deteriorate

Sales losses at US DIY group Lowe's have worsened in the second quarter. In the three months from the beginning of June to 2 August 2024, sales at the second-largest home improvement retailer in the USA and the world were down 5.5 per cent year-on-year at USD 23.586 bn (EUR 21.160 bn). Like-for-like sales fell by 5.1 per cent.

For the entire first half of the 2024/2025 financial year, this means a 5.0 per cent drop in sales compared to the same period in the previous year.

According to the company, the problem in the second quarter was that consumers were reluctant to spend on major DIY projects and that the poor weather affected sales of outdoor products. On a like-for-like basis, professional sales and online business developed more positively.

As of 2 August 2, 2024, Lowe's operated 1,746 stores representing around 19.5 million m² of retail selling space.