Posted 2/27/2024, 4:58:56 PM
Lowe's Sales Decline on Drop in Home Projects, But Cost Controls Help Margins as Company Takes Pro Market Share
- Lowe's beat revenue expectations, reporting $18.60B vs expected $18.45B, but comparable sales declined 6.2% year-over-year
- Decline attributed to drop in consumer home renovation projects amid sticky inflation
- Lowe's controlling costs well despite sales drop - expenses flat year-over-year and margins up slightly
- Recovery timeline likely pushed to 2H 2024 at earliest based on projections of negative comps through 1H 2024
- Lowe's taking market share on pro side with flat pro sales year-over-year vs declines at Home Depot