Lowe's on Tuesday lowered its full-year sales outlook, after customers spent less on do-it-yourself projects and caused its fiscal third-quarter sales to tumble nearly 13% year over year.
The home improvement retailer said it now anticipates sales will total about $86 billion for the fiscal year.
It projects comparable sales will drop by about 5% this fiscal year, worse than a previously anticipated a decline of between 2% and 4%.
In the third quarter, Lowe's net income was $1.77 billion, or $3.06 per share, compared with $154 million, or 25 cents per share in the year-ago period.
Lowe's competitor, Home Depot, beat Wall Street's fiscal third-quarter earnings and revenue expectations last week, even as its sales fell 3% year over year.
Persons:
Lowe's, Marvin Ellison, Ellison, Richard McPhail
Organizations:
Lowe's, Inc, Home Depot, Home
Locations:
LSEG, U.S