Lowe's, however, has a different mix to its business. It has historically gotten about 75% to 80% of its total sales from DIY customers compared with Home Depot, which gets about half of its sales from them. That makes Lowe's more vulnerable to shifts in demand, if homeowners decide to skip a painting or landscaping project.
"Our sales this quarter were in line with our expectations, excluding our outdoor seasonal categories that were impacted by unseasonably cold temperatures in April," CEO Marvin Ellison said in Wednesday morning's earnings release."Now that spring has finally arrived, we are pleased with the improved sales trends we are seeing in May."$2.33 billion, or $3.51 per share, from $2.32 billion or $3.21 per share, a year earlier. The results were above the $3.
Net sales fell to $23.66 billion from $24.42 billion last year and outpaced analysts' expectations of $23.76 billion. Same-store sales declined 4% year over year, a larger decrease than the 2.5% drop that analysts expected, according to StreetAccount. As of Tuesday's close, shares of Lowe's are down about 25% so far this year. Shares closed Tuesday at $194.03, bringing the company's market value to $128.27 billion.
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