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As one of the Biggeset names in the Home improvement Sector, Lowe's is a trusted retailer when you need fresh paint work or if you plan to renovate. You are roughly guaranteed to check each item of your list in these warehouses, but some buyers seem to abandon these lists entirely. During the summer, Lowe reported a decrease of sales , and now, new data suggest that customers always abandon LOWE, sales taking another tumble. Read the rest to find out what the new numbers show.

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In a November 21 Press release , Lowe's declared the benefit of the third quarter, sales down 13% compared to the same period last year. This follows the results shared in August for the second trimester, during which Sales fell by 1.6% Compared to the previous year. AE0FCC31AE342FD3A1346EBB1F342FCB

In the third quarter, Lowe's also reported a drop in comparable sales (sales with comparable stores), which dropped 7.4% compared to the same quarter in 2023. This did not meet Wall Street expectations, as analysts predicted a 5.4% decrease ,, Wall Street's journal Reported, citing factse. Total sales were $ 20.47 billion, which also missed analysts' expectations of $ 20.87 billion.

Online sales also dropped by 4%, CEO of Lowe Marvin Ellison said for a November 21 profit call .

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Ellison Assigned to the drop in sales to a "decline higher than provided" in discretionary expenses in the DIY sector (DIY), in particular in terms of larger items. The CEO warned it during the summer, explaining that a Found in DIY expenses would have an impact on the second half of the year, CNBC reported.

When consumers need more expensive items like household appliances, they "postpone purchases," said Ellison. So, instead of buying all new kitchen devices, they could simply buy a refrigerator to start.

This decrease has a significant effect on profits, because Lowe is the market leader in the sales of aircraft, which also represents 14% of the company's income.

"When you have decreased some of these categories of large tickets such as devices, it will have a disproportionate impact for us," said Ellison.

Lowe's profits have actually increased in the third quarter, up to $ 1.77 billion. It was a striking increase compared to the same period in 2022, but this can also be attributed to a charge of depreciation of $ 2.1 billion (a reduction in the value of a business asset) After the sale of his Canadian retail company, the Wsj reported.

There has also been a positive growth of its sales to home professionals, simply called " Benefits "" which represent 25% of LOWE customers. The 75% others are made up of DIY customers (standard buyers), said Ellison. However, on the global market, the split is 50 to 50.

"Consequently, each time the DIY customer becomes careful, he affects us in a disproportionate way and although we had to face a softer DIY request in the third quarter, I am happy that at the same time, we have Once again delivered positive sales in Pro, "said Ellison.

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In light of its latest results, Lowe's also reduces its expectations for the rest of the year.

According to the latest press release, the company provides that annual sales will total $ 86 billion (as opposed to $ 87 and 89 billion), and that comparable sales will be down approximately 5% (as opposed to 2 and 4%).