Lowe’s operated 1,746 stores as of 2 August 2024. Credit: Jonathan Weiss/Shutterstock.

US home improvement retailer Lowe’s has reported net sales of $44.95bn in the first half (H1) of fiscal 2024 (FY24), down from $47.30bn in H1 FY23. 

The retailer’s operating income for the period was $6.10bn, a decline from $7.17bn in the same period of 2023.

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Lowe’s registered net earnings decreased from $4.93bn to $4.13bn in the period ending 2 August 2024. 

Its diluted earnings per share (EPS) for H1 FY24 were $7.23 against $8.32 in H1 FY23. 

In the second quarter (Q2) of the fiscal year, total sales of Lowe’s were $23.58bn, compared to $24.95bn in the same quarter the year before.  

Comparable sales for the quarter decreased 5.1%. 

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The retailer’s operating income for the quarter was $3.44bn, down from $3.88bn in the same period in FY23. 

Lowe’s reported net earnings were $2.38bn in Q2 FY24 against $2.67bn in Q2 FY23. 

Its diluted EPS for the quarter was $4.17 compared to $4.56 in the second quarter of 2023.  

Lowe’s chairman, president and CEO Marvin Ellison said: “The company delivered strong operating performance and improved customer service despite a challenging macroeconomic backdrop, especially for the homeowner. At the same time, we continue to build momentum with our Total Home strategy reflected by our mid-single-digit positive comps with the Pro customer this quarter.  

“As we look ahead, we are confident that we are making the right long-term investments to take share when the market recovers. I’d like to extend my appreciation to our dedicated frontline associates who remain committed to serving our customers.” 

In response to the first-half performance, Lowe’s reduced its total sales outlook for FY24 to $82.7bn to $83.2bn from the previous expectation of $84bn to $85bn. 

The retailer also anticipates its comparable sales to be down 3.5 to 4.0%. 

Lowe’s operated 1,746 stores as of the end of the quarter.