Lowe's lowers full-year guidance due to stagnant housing market from interest rate and inflation uncertainties.
Lowe's has lowered its full-year guidance, predicting a 3.5-4% decline in comparable sales, exceeding the previous forecast of a 2-3% decline. The home improvement retailer attributes the change to a stagnant housing market due to interest rate and inflation uncertainties, leading to delayed big purchases and renovations. Online sales growth and expansion of delivery services have been reported, but DIY projects continue to struggle.
August 20, 2024
14 Articles