Lowe’s Sales Suffer as Home Improvement Slowdown Persists
- Consumers taking on smaller projects, hurting kitchen sales
- Home improvement retailer is rolling out a DIY loyalty program
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Lowe’s Cos. said its sales will fall further this year as consumers continue to hold off from sprucing up their homes amid higher mortgage rates and a drop in new construction projects.
Inflation and a stagnant housing market have made DIY customers “hesitant to spend on big-ticket purchases for their homes,” Chief Executive Officer Marvin Ellison told analysts on a Tuesday earnings call. “Those that did engage in home improvement activities took on smaller, non-discretionary projects with a heightened focus on value,” he said.