Lowe's Lowers Full-Year Sales Outlook Amid DIY Spending Slump

Shares fall as inflation-hit consumers cut back on home-improvement projects, causing a significant drop in the company's key DIY business segment.

Lowe's has lowered its full-year sales outlook after a significant decrease in customer spending on do-it-yourself (DIY) projects, causing its fiscal third-quarter sales to drop nearly 13% year over year.
The company now expects sales to total about $86 billion for the fiscal year, down from a previously expected range of $87 billion to $89 billion.
Lowe's CEO, Marvin Ellison, cited a 'greater-than-expected pullback' by customers on discretionary projects and big-ticket purchases as the reason for the decline.
In contrast, Home Depot, Lowe's larger rival, has been able to weather the decrease in DIY spending due to its larger customer base of builders and contractors.
Lowe's shares fell about 4% in premarket trading following the announcement.