Lowe’s Companies, Inc., (NYSE: LOW), Mooresville, N.C., home improvement retailer, reported sales for its fiscal 2022 second quarter ended July 29, 2022, were $27.5 billion, down 0.3% from the prior-year period.
Net profit for the second quarter was $2.99 billion, down from $3.02 billion the prior-year period.
For the U.S. home improvement business, comparable sales were up 0.2% for the second quarter. While DIY sales were affected by the shortened spring and lower demand in certain categories, they were partially offset by a 13% increase in Pro customer sales in the second quarter.
“Our results in the first half were disproportionately impacted by our 75% DIY customer mix, which was partially offset by our double-digit Pro growth for the ninth consecutive quarter,” said Marvin Ellison, Chairman, CEO and President. “I am pleased that our team drove operating margin improvement and effectively managed inventory despite lower-than-expected sales – a clear reflection of our relentless focus on operating discipline and productivity.”