US home improvement retailer Lowe's has experienced a decrease in net earnings for the first quarter of fiscal 2024 (Q1 FY24), with figures falling to $1.75bn from $2.26bn in Q1 FY23.
The company's diluted earnings per share (EPS) also saw a downturn, coming in at $3.06 compared to $3.77 in Q1 FY23.
Lowe's registered pre-tax earnings of $2.30bn in Q1 FY24 were a decrease from $2.93bn in the same quarter of the previous year.
Total sales for the period ending on 3 May 2024 reached $21.36bn, a 4.4% decline from $22.34bn in Q1 2023.
The company’s comparable sales for the quarter decreased by 4.1%, with a decline in DIY big-ticket discretionary spending partially offset by positive comparable sales in the pro and online sectors.
Lowe's also suffered a decline in operating income, dropping to $2.65bn in Q1 FY24 from $3.28bn in Q1 FY23.
Looking ahead to the full year 2024, the company has set its total sales expectations between $84bn and $85bn, with comparable sales projected to decrease by 2 to 3% compared to the previous year.
It expects diluted EPS to be approximately $12.00 to $12.30.
Lowe's chairman, president and CEO Marvin Ellison said: "This quarter we rolled out our new DIY loyalty programme nationally, expanded same-day delivery options, and took market share in key categories.
“We continue to gain momentum with our Total Home strategy, reflected in our growth in pro and online. I would like to thank our frontline associates for their hard work, commitment to customers and disciplined focus on productivity."
Lowe's ended the quarter with 1,746 stores, which together represent 194.9 million ft² of retail selling space.
