Lowe’s Companies, Inc. reported second-quarter adjusted earnings of $4.40 per share, surpassing analyst estimates of $4.22. Total sales for the period reached $26.0 billion. Comparable sales saw a modest increase of 0.2%.
The retailer lowered its full-year comparable sales guidance to flat, down from a previous range of flat to 2% growth. CEO Marvin R. Ellison stated that growth from professional contractors and a 15.7% jump in online sales could not fully offset weakening do-it-yourself (DIY) demand.
The updated outlook suggests households are becoming more selective with discretionary spending on large home renovation projects. Lowe’s stock fell 2.3% in pre-market trading following the announcement.