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Lowe’s beats on earnings and revenue, even as consumers spend less on DIY projects

Lowe’s exceeded Wall Street's expectations for its quarterly earnings and revenue on Tuesday, despite experiencing a significant decline in sales of high-ticket items among do-it-yourself customers. The home improvement retailer's performance was akin to that of Home Depot, which also faced challenges due to a tougher housing market and a delayed start to the spring season.

Lowe’s upheld its full-year financial forecast, projecting total sales between $84 billion and $85 billion. This represents a slight decline from the $86.38 billion reported in fiscal 2023. The company anticipates comparable sales will decrease by 2% to 3% compared to the prior year, with earnings per share estimated to range from $12 to $12.30.

In an interview with CNBC, Lowe’s CEO Marvin Ellison discussed several factors impacting consumer spending, including inflationary pressures and uncertainty about potential interest rate cuts by the Federal Reserve. "Interest rates can go down, but you still need consumer confidence to come up," Ellison remarked. He emphasized that Lowe’s chose not to revise its full-year outlook as it awaits the results from its pivotal spring sales season, which is traditionally the busiest period for home improvement projects.

For the fiscal first quarter, Lowe’s reported earnings per share of $3.06, surpassing Wall Street's expectation of $2.94, according to a survey of analysts by LSEG. The company generated revenue of $21.36 billion, exceeding the expected $21.12 billion. However, the three-month period ending May 3 saw Lowe’s net income fall to $1.76 billion, or $3.06 per share, from $2.26 billion, or $3.77 per share, in the same period last year. Sales decreased from $22.35 billion in the previous year, marking the fifth consecutive quarter of year-over-year sales declines.

Ellison noted a decline in customer visits to Lowe’s stores and website as homeowners deferred larger projects and bought fewer expensive items. Transactions fell by 3.1%, and the average ticket value dropped by 1% year-over-year. He observed that customers have been purchasing fewer discretionary items, such as outdoor grills and patio sets, and undertaking fewer major projects like kitchen remodels.

In comparison to Home Depot, Lowe’s derives a smaller portion of its revenue from professionals such as painters, contractors, and other home improvement specialists. Approximately 20% to 25% of Lowe’s sales come from professional customers, whereas Home Depot obtains roughly half of its sales from this segment. Nonetheless, Lowe’s has been striving to increase its market share among professional customers. Gains in this area, along with online sales growth, helped offset the decline in do-it-yourself spending.

For the quarter, comparable sales decreased by 6.2%, while sales to professional customers remained flat. This performance follows a year-ago quarter when Lowe’s reduced its full-year outlook and reported a sales decline, with Ellison warning investors about a potential reduction in discretionary consumer spending.

Lowe’s has consistently reported year-over-year sales declines for each of the three quarters since then. Despite these challenges, Lowe’s shares closed on Monday at $229.17, giving the company a market value of $131.13 billion. As of Monday’s close, the company's stock has increased nearly 3% this year, although it trails behind the 11% gains of the S&P 500.

Lowe’s commitment to enhancing its product offerings and improving customer experience remains a priority. The company continues to invest in technology and infrastructure to support its online sales platform and streamline operations. This strategy aims to attract a broader customer base, including both do-it-yourself enthusiasts and professional contractors.

In conclusion, Lowe’s demonstrated resilience in a challenging economic environment by exceeding earnings and revenue expectations. The company’s strategic focus on both professional and consumer markets, coupled with its efforts to optimize operational efficiency, positions it well for future growth. As the home improvement industry navigates the complexities of consumer behavior and economic fluctuations, Lowe’s remains committed to delivering value to its shareholders and customers alike.

#1 Free Windshield Replacement Service in Arizona and Florida!

Our services include free windshield replacements, door glass, sunroof and back glass replacements on any automotive vehicle. Our service includes mobile service, that way you can enjoy and relax at the comfort of home, work or your choice of address as soon as next day.


Schedule Appointment Now or Call (813) 951-2455 to schedule today.

Areas Served in Florida

Miami, Orlando, Tampa, Jacksonville, Fort Lauderdale, Destin, Naples, Key West, Sarasota, Pensacola, West Palm Beach, St. Augustine, FT Myers, Clearwater, Daytona Beach, St. Petersburg, Gainesville, Kissimmee, Boca Raton, Ocala, Panama City, Panama City Beach, Miami Beach, Bradenton, Cape Coral, The Villages, Palm Beach, Siesta Key, Cocoa Beach, Marco Island, Vero Beach, Port St. Lucie, Pompano Beach, Florida City, Punta Gorda, Stuart, Crystal River, Palm Coast, Port Charlotte and more!

Areas Served in Arizona

Phoenix, Sedona, Scottsdale, Mesa, Flagstaff, Tempe, Grand Canyon Village, Yuma, Chandler, Glendale, Prescott, Surprise, Kingman, Peoria, Lake Havasu City, Arizona City, Goodyear, Buckeye, Casa Grande, Page, Sierra Vista, Queen Creek and more!

We work on every year, make and model including

Acura, Aston Martin, Audi, Bentley, BMW, Buick, Cadillac, Chevrolet, Chrysler, Dodge, Ferrari, Fiat, Ford, Freightliner, Geo, GM, GMC, Honda, Hyundai, Infinity, Jaguar, Jeep, Kia, Lamborghini, Land Rover, Lexus, Lincoln, Maserati, Mazda, McLaren, Mercedes Benz, Mercury, Mini Cooper, Mitsubishi, Nissan, Oldsmobile, Peugeot, Pontiac, Plymouth, Porsche, Ram, Saab, Saturn, Scion, Smart Car, Subaru, Suzuki, Tesla, Toyota, Volkswagen, Volvo and more!

All insurance companies are accepted including

Allstate, State Farm, Geico (Government Employees Insurance Company), Progressive, USAA (United Services Automobile Association), Liberty Mutual, Nationwide, Travelers, Farmers Insurance, American Family Insurance, AAA (American Automobile Association), AIG (American International Group), Zurich Insurance Group, AXA, The Hartford, Erie Insurance, Amica Mutual Insurance, Mercury Insurance, Esurance, MetLife Auto & Home, Safeway and many , many more!

States We Service

Front Windshield Replacement, Door Glass Replacement, Back Glass Replacement, Sun Roof Replacement, Quarter Panel Replacement, Windshield Repair

AutoGlass Services Provided

Front Windshield Replacement, Door Glass Replacement, Back Glass Replacement, Sun Roof Replacement, Quarter Panel Replacement, Windshield Repair

#1 Free Windshield Replacement Service in Arizona and Florida!

Our services include free windshield replacements, door glass, sunroof and back glass replacements on any automotive vehicle. Our service includes mobile service, that way you can enjoy and relax at the comfort of home, work or your choice of address as soon as next day.


Schedule Appointment Now or Call (813) 951-2455 to schedule today.

Areas Served in Florida

Miami, Orlando, Tampa, Jacksonville, Fort Lauderdale, Destin, Naples, Key West, Sarasota, Pensacola, West Palm Beach, St. Augustine, FT Myers, Clearwater, Daytona Beach, St. Petersburg, Gainesville, Kissimmee, Boca Raton, Ocala, Panama City, Panama City Beach, Miami Beach, Bradenton, Cape Coral, The Villages, Palm Beach, Siesta Key, Cocoa Beach, Marco Island, Vero Beach, Port St. Lucie, Pompano Beach, Florida City, Punta Gorda, Stuart, Crystal River, Palm Coast, Port Charlotte and more!

Areas Served in Arizona

Phoenix, Sedona, Scottsdale, Mesa, Flagstaff, Tempe, Grand Canyon Village, Yuma, Chandler, Glendale, Prescott, Surprise, Kingman, Peoria, Lake Havasu City, Arizona City, Goodyear, Buckeye, Casa Grande, Page, Sierra Vista, Queen Creek and more!

We work on every year, make and model including

Acura, Aston Martin, Audi, Bentley, BMW, Buick, Cadillac, Chevrolet, Chrysler, Dodge, Ferrari, Fiat, Ford, Freightliner, Geo, GM, GMC, Honda, Hyundai, Infinity, Jaguar, Jeep, Kia, Lamborghini, Land Rover, Lexus, Lincoln, Maserati, Mazda, McLaren, Mercedes Benz, Mercury, Mini Cooper, Mitsubishi, Nissan, Oldsmobile, Peugeot, Pontiac, Plymouth, Porsche, Ram, Saab, Saturn, Scion, Smart Car, Subaru, Suzuki, Tesla, Toyota, Volkswagen, Volvo and more!

All insurance companies are accepted including

Allstate, State Farm, Geico (Government Employees Insurance Company), Progressive, USAA (United Services Automobile Association), Liberty Mutual, Nationwide, Travelers, Farmers Insurance, American Family Insurance, AAA (American Automobile Association), AIG (American International Group), Zurich Insurance Group, AXA, The Hartford, Erie Insurance, Amica Mutual Insurance, Mercury Insurance, Esurance, MetLife Auto & Home, Safeway and many , many more!

States We Service

Front Windshield Replacement, Door Glass Replacement, Back Glass Replacement, Sun Roof Replacement, Quarter Panel Replacement, Windshield Repair

AutoGlass Services Provided

Front Windshield Replacement, Door Glass Replacement, Back Glass Replacement, Sun Roof Replacement, Quarter Panel Replacement, Windshield Repair

#1 Free Windshield Replacement Service in Arizona and Florida!

Our services include free windshield replacements, door glass, sunroof and back glass replacements on any automotive vehicle. Our service includes mobile service, that way you can enjoy and relax at the comfort of home, work or your choice of address as soon as next day.


Schedule Appointment Now or Call (813) 951-2455 to schedule today.

Areas Served in Florida

Miami, Orlando, Tampa, Jacksonville, Fort Lauderdale, Destin, Naples, Key West, Sarasota, Pensacola, West Palm Beach, St. Augustine, FT Myers, Clearwater, Daytona Beach, St. Petersburg, Gainesville, Kissimmee, Boca Raton, Ocala, Panama City, Panama City Beach, Miami Beach, Bradenton, Cape Coral, The Villages, Palm Beach, Siesta Key, Cocoa Beach, Marco Island, Vero Beach, Port St. Lucie, Pompano Beach, Florida City, Punta Gorda, Stuart, Crystal River, Palm Coast, Port Charlotte and more!

Areas Served in Arizona

Phoenix, Sedona, Scottsdale, Mesa, Flagstaff, Tempe, Grand Canyon Village, Yuma, Chandler, Glendale, Prescott, Surprise, Kingman, Peoria, Lake Havasu City, Arizona City, Goodyear, Buckeye, Casa Grande, Page, Sierra Vista, Queen Creek and more!

We work on every year, make and model including

Acura, Aston Martin, Audi, Bentley, BMW, Buick, Cadillac, Chevrolet, Chrysler, Dodge, Ferrari, Fiat, Ford, Freightliner, Geo, GM, GMC, Honda, Hyundai, Infinity, Jaguar, Jeep, Kia, Lamborghini, Land Rover, Lexus, Lincoln, Maserati, Mazda, McLaren, Mercedes Benz, Mercury, Mini Cooper, Mitsubishi, Nissan, Oldsmobile, Peugeot, Pontiac, Plymouth, Porsche, Ram, Saab, Saturn, Scion, Smart Car, Subaru, Suzuki, Tesla, Toyota, Volkswagen, Volvo and more!

All insurance companies are accepted including

Allstate, State Farm, Geico (Government Employees Insurance Company), Progressive, USAA (United Services Automobile Association), Liberty Mutual, Nationwide, Travelers, Farmers Insurance, American Family Insurance, AAA (American Automobile Association), AIG (American International Group), Zurich Insurance Group, AXA, The Hartford, Erie Insurance, Amica Mutual Insurance, Mercury Insurance, Esurance, MetLife Auto & Home, Safeway and many , many more!

States We Service

Front Windshield Replacement, Door Glass Replacement, Back Glass Replacement, Sun Roof Replacement, Quarter Panel Replacement, Windshield Repair

AutoGlass Services Provided

Front Windshield Replacement, Door Glass Replacement, Back Glass Replacement, Sun Roof Replacement, Quarter Panel Replacement, Windshield Repair

Lowe’s beats on earnings and revenue, even as consumers spend less on DIY projects

Lowe’s exceeded Wall Street's expectations for its quarterly earnings and revenue on Tuesday, despite experiencing a significant decline in sales of high-ticket items among do-it-yourself customers. The home improvement retailer's performance was akin to that of Home Depot, which also faced challenges due to a tougher housing market and a delayed start to the spring season.

Lowe’s upheld its full-year financial forecast, projecting total sales between $84 billion and $85 billion. This represents a slight decline from the $86.38 billion reported in fiscal 2023. The company anticipates comparable sales will decrease by 2% to 3% compared to the prior year, with earnings per share estimated to range from $12 to $12.30.

In an interview with CNBC, Lowe’s CEO Marvin Ellison discussed several factors impacting consumer spending, including inflationary pressures and uncertainty about potential interest rate cuts by the Federal Reserve. "Interest rates can go down, but you still need consumer confidence to come up," Ellison remarked. He emphasized that Lowe’s chose not to revise its full-year outlook as it awaits the results from its pivotal spring sales season, which is traditionally the busiest period for home improvement projects.

For the fiscal first quarter, Lowe’s reported earnings per share of $3.06, surpassing Wall Street's expectation of $2.94, according to a survey of analysts by LSEG. The company generated revenue of $21.36 billion, exceeding the expected $21.12 billion. However, the three-month period ending May 3 saw Lowe’s net income fall to $1.76 billion, or $3.06 per share, from $2.26 billion, or $3.77 per share, in the same period last year. Sales decreased from $22.35 billion in the previous year, marking the fifth consecutive quarter of year-over-year sales declines.

Ellison noted a decline in customer visits to Lowe’s stores and website as homeowners deferred larger projects and bought fewer expensive items. Transactions fell by 3.1%, and the average ticket value dropped by 1% year-over-year. He observed that customers have been purchasing fewer discretionary items, such as outdoor grills and patio sets, and undertaking fewer major projects like kitchen remodels.

In comparison to Home Depot, Lowe’s derives a smaller portion of its revenue from professionals such as painters, contractors, and other home improvement specialists. Approximately 20% to 25% of Lowe’s sales come from professional customers, whereas Home Depot obtains roughly half of its sales from this segment. Nonetheless, Lowe’s has been striving to increase its market share among professional customers. Gains in this area, along with online sales growth, helped offset the decline in do-it-yourself spending.

For the quarter, comparable sales decreased by 6.2%, while sales to professional customers remained flat. This performance follows a year-ago quarter when Lowe’s reduced its full-year outlook and reported a sales decline, with Ellison warning investors about a potential reduction in discretionary consumer spending.

Lowe’s has consistently reported year-over-year sales declines for each of the three quarters since then. Despite these challenges, Lowe’s shares closed on Monday at $229.17, giving the company a market value of $131.13 billion. As of Monday’s close, the company's stock has increased nearly 3% this year, although it trails behind the 11% gains of the S&P 500.

Lowe’s commitment to enhancing its product offerings and improving customer experience remains a priority. The company continues to invest in technology and infrastructure to support its online sales platform and streamline operations. This strategy aims to attract a broader customer base, including both do-it-yourself enthusiasts and professional contractors.

In conclusion, Lowe’s demonstrated resilience in a challenging economic environment by exceeding earnings and revenue expectations. The company’s strategic focus on both professional and consumer markets, coupled with its efforts to optimize operational efficiency, positions it well for future growth. As the home improvement industry navigates the complexities of consumer behavior and economic fluctuations, Lowe’s remains committed to delivering value to its shareholders and customers alike.

Blogs & News

Stay up to date on all AutoGlass, free windshield replacements and News in the states of Florida & Arizona

Blogs & News

Stay up to date on all AutoGlass, free windshield replacements and News in the states of Florida & Arizona