Lowe's Cuts Annual Forecasts on Weak Home Improvement Demand

Reuters08-20

Aug 20 (Reuters) - Lowe's lowered its annual profit and comparable sales forecasts on Tuesday, as hopes of a recovery in big-ticket home improvement projects turn dim in the face of cautious consumer spending.

Higher borrowing and mortgage rates have led to subdued demand for new homes -- a factor that weighed on sales at Lowe's and Home Depot .

Placer.ai data showed that fewer new home sales in May and June pressured store traffic for the home improvement companies.

Home Depot also forecast a decline in annual earnings and a bigger drop in annual comparable sales, signaling that revival of consumer demand for pricier goods such as home improvement equipment remains tricky.

Lowe's now expects full-year adjusted earnings per share of about $11.70 to $11.90, compared with its prior forecast of about $12.00 to $12.30.

The company expects comparable sales for 2024 to fall between 3.5% and 4%, compared with its earlier forecast of a 2% to 3% drop.

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