Lowe's Cos (
LOW) reported a smaller-than-expected decline in quarterly sales on Tuesday, thanks to an increase in small-scale repairs by inflation-affected Americans who have cut back on major home improvement projects.
Although the decline is smaller than expected, the results look pretty bad. Lowe's reported a 17% decline in Q1 earnings per share, down to $3.06, with revenue decreasing by over 4% to $21.36 billion. Same-store sales dropped 4.1%, marking the sixth consecutive quarter of declines, a trend that began in Q3 2022.
Shares of the North Carolina-based company, which have risen 3% this year, gained about 2.2% in pre-market trading.
Despite higher prices and interest rates deterring customers from expensive repair projects, they have continued to spend on essential and smaller repairs, such as plumbing and exterior painting. This ...
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