Lowe’s Guidance Hit by Waning Demand for Home Improvement
- Same-store sales decline for fourth consecutive quarter
- Retailer cites pullback in DIY discretionary spending
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Lowe’s Cos. cut its forecast for the second time this year, underscoring the shift away from big home-renovation projects after the pandemic boom.
For the full year, Lowe’s now sees same-store sales dropping 5%, worse than its prior expectation of a decline in the 2% to 4% range. The company also trimmed its profit outlook.