Lowe's cuts sales outlook as homeowners take on fewer projects; shares slide
Publishing timestamp: 2023-11-21 10:36:31
Summary
Lowe's has lowered its full-year sales and earnings guidance due to weaker-than-expected spending on do-it-yourself projects. The company's fiscal third-quarter sales fell nearly 13% year over year, causing it to lower its sales outlook for the year. Lowe's is facing cooling demand as Americans' appetite for home improvement moderates. The company's CEO mentioned that customers are prioritizing experiences over goods spending on travel and entertainment. However, sales to home professionals rose in the quarter. Lowe's competitor, Home Depot, also reported a decline in sales but beat Wall Street's expectations.
Sentiment: NEUTRAL
Keywords: earnings, breaking news: business, business, home depot inc, lowe's companies inc, business news, retail industry, breaking news: earnings,
Source: https://www.cnbc.com/2023/11/21/lowes-low-earnings-q3-2023.html