cnbc.com_2 on Nostr: Bullet points of Lowe's cuts full-year outlook as it expects home improvement sales ...

Bullet points of Lowe's cuts full-year outlook as it expects home improvement sales to weaken
- Lowe's cut its full-year forecast due to declining sales and weaker spending on do-it-yourself projects.
- The company expects total sales to be between $82.7 and $83.2 billion, down from its previous forecast of $84 billion to $85 billion.
- Lowe's anticipates comparable sales to fall by 3.5% to 4%, compared to its prior forecast of a decline of 2% to 3%.
- The company reported a net income of $2.38 billion, or $4.17 per share, for the fiscal second quarter, down from $2.67 billion, or $4.56 per share, in the year-ago period.
- Lowe's net sales dropped from $24.96 billion in the prior year, and the company posted a year-over-year sales decline for the sixth straight quarter.
- The company cited 'lower-than-expected DIY sales and a pressured macroeconomic environment' as reasons for its weaker forecast.
- Lowe's rival, Home Depot, beat Wall Street's quarterly expectations for earnings and revenue, but also expects the back half of the year to be weaker than anticipated.
- Home Depot's CFO said customers are putting off projects due to higher interest rates and a sense of greater uncertainty in the economy.