Lowe's predicts a 2-3% decline in comparable sales in the current fiscal year due to delayed home improvement projects and lower new construction.

Lowe's expects its sales to decline further in the coming year due to consumers delaying home improvement projects amid higher mortgage rates and decreased new construction projects. The home improvement retailer reported a 6.2% decrease in comparable sales for the fourth quarter, and its current fiscal year sales are anticipated to be $84 billion to $85 billion, with a 2% to 3% drop in comparable sales. The company plans to introduce a new DIY loyalty program to boost traffic and revenue.