Lowe’s Cos reported a larger-than-expected drop in comparable sales as demand for home improvement tools and building materials fell from the highs of the pandemic.
Real estate growth in the US is showing signs of slowing down due to rising mortgage rates, while sales have slowed significantly with more people returning to offices.
The CEO stressed that sales for the first quarter were disproportionately affected by the colder temperatures of spring.
The housing improvement chain confirmed the estimates for the year 2022, while the most competitive Home Depot upgraded them.
Lowe’s net income was higher at $ 2.33 billion, or $ 3.51 billion per share, from $ 2.32 billion, or $ 3.21, per share a year ago.
Comparable sales fell 4% in the first quarter, compared to estimates for a 2.5% drop.
Source: Capital
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