Lowe’s Companies Inc. (NYSE: LOW), Mooresville, N.C., a home improvement company, reported sales for its fiscal 2023 second quarter were $25 billion, with comparable sales down 1.6% from the prior-year period.
Profit for the quarter was $2.7 billion, down 10.6% from the prior-year period.
Lowe’s reported a growth in both online and Pro sales in the second quarter.
Lowe’s also reported sales for its first six months of 2023 were $47.3 billion, down 7.5% from the previous year. Profit for the first six months was $4.9 billion, down 7.4% from the prior-year period.
“Our investments in our Total Home strategy continued to drive growth across Pro and online this quarter. And we are excited by our recent launch of same-day delivery nationwide and the expansion of our rural merchandising framework to roughly 300 stores,” said Marvin R. Ellison, Lowe’s CEO. “Our ability to reduce expenses while improving customer service is the result of excellent execution by our team, and we remain confident in the mid-to-long-term outlook for the home improvement industry.”