Consumer
Lowe’s Sales Squeezed as Shoppers Postpone Big Home Projects
- Consumers affected by high interest rates, weak housing market
- Company’s quarterly results were boosted by online shopping
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Lowe’s Cos. extended its streak of declining sales during the third quarter as it continued to feel the ripple effects of a weak housing market.
Lowe’s said its comparable sales – a key metric for the retail industry – fell 1.1% for the period through Nov. 1. That compared with a 2.7% drop that Wall Street analysts were expecting.