May 24, 2023
Lumber deflation drives down Lowe’s sales
Lowe's Companies, Inc. had net sales of $22.3 billion for the first quarter of 2023, down from net sales of $23.7 billion in the first quarter of 2022. Comparable sales decreased 4.3%, driven by lumber deflation, unfavourable weather, and lower do-it-yourself (DIY) discretionary sales. Gross margin for the quarter was $7.5 billion and 33.7% of sales compared to $8 billion and 34% of sales in the year-ago period. The company had net earnings of $2.26 billion (10.1% of sales) for the first quarter compared to $2.33 billion (9.9% of sales) in the prior-year period. During the first quarter, the company recognized a gain associated with the 2022 sale of the Canadian retail business.
Sign up for our Daily News Alerts to receive relevant industry news, articles, and previews for our next issue of Home Improvement Retailing. Delivered directly to your inbox. Subscribe here.