Lowe's Q2 Sales & Earnings Flat YOY
Mooresville, NC, August 17, 2022-Lowe's reported net sales of $27.5 million for Q2 2022, a .3% decline compared to sales of $27.6 million in Q2 2021.
Comparable sales decreased 0.3%. Comparable sales for the U.S. home improvement business increased 0.2% for the second quarter. DIY sales were impacted by the shortened spring and lower demand in certain discretionary categories, which was partially offset by a 13% increase in Pro customer sales.
Net earnings were $3 million for Q2 2022, the same as Q2 2021.
For the first six months of 2022, net sales were $51.5 million, a decrease of .6% compared to $52 million in the first half of 2021.
Net earnings for the first six months of 2022 were flat year over year at $5.3 million.
"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," commented Marvin R. Ellison, Lowe's chairman, president and CEO. "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. Despite continued macro uncertainty, we remain confident in the long-term strength of the home improvement market and our ability to take share. To help our hourly front-line associates during this period of high inflation, we are awarding an incremental bonus of $55 million. I'd like to thank our associates for their continued hard work and dedication."