Lowe’s Companies, Inc. (NYSE: LOW), Mooresville, N.C., a home improvement company, reported sales for its fiscal 2023 first quarter ended May 5, were $22.35 billion; comparable sales down 4.3% from the prior-year period.
Net income for the quarter was $2.3 billion, down 3.1% from the prior-year period.
“We are pleased with the performance of our business despite record lumber deflation and unfavorable spring weather,” said Marvin R. Ellison, Lowe’s chairman, president and CEO.
“Although we delivered positive comparable sales in Pro and online for the first quarter, we are updating our full-year outlook to reflect softer-than-expected consumer demand for discretionary purchases. We remain optimistic about the medium-to-long-term outlook for home improvement and our ability to continue to grow market share through our Total Home strategy. I would like to thank all of our front-line associates for their continued hard work and dedication.”