Consumer
Lowe’s Cuts Guidance on Soft DIY Spending, Housing Market
- Consumers are pulling back on spending for big ticket projects
- Retailer said it is making inroads with professional customers
This article is for subscribers only.
Lowe’s Cos. lowered its full-year guidance as the frozen housing market keeps consumers on the sidelines for big purchases and renovations, including do-it-yourself projects.
The retailer now expects comparable sales to fall 3.5% to 4%, versus the previous forecast of a 2% to 3% decline. That is worse than the average analyst estimate compiled by Bloomberg. Lowe’s also expects adjusted earnings to come in lighter than it previously forecast.