Lowe's Lowers Full-Year Outlook Amid Slump in DIY Sales 📉

Lowe's reported second-quarter earnings that beat expectations but missed on sales and cut its full-year outlook, citing lower-than-expected DIY sales and a pressured macroeconomic environment. Lowe's reported lower net income and sales in the recent quarter compared to the prior year period. Comparable sales declined nearly 5% as customers took on fewer discretionary home projects and unfavorable weather hurt outdoor and seasonal item sales. Lowe's and rival Home Depot cited expectations of weaker sales in the second half of 2024 as higher rates dampen discretionary spending on home improvement projects.