Lowe’s on Tuesday cut its full-year forecast, as the retailer’s quarterly sales declined and it projected weak home improvement spending in the second half of the year.
The company said it now projects total sales of between $82.7 billion and $83.2 billion for the full year, compared with the $84 billion to $85 billion that it previously expected. It said it expects comparable sales to fall by 3.5% to 4%, compared with its prior forecast of a decline of 2% to 3%. It anticipates adjusted earnings per share will be about $11.70 to $11.90, compared with the prior outlook of between $12 and $12.30.
In an interview with CNBC, CEO Marvin Ellison said consumers are waiting for the Federal Reserve to cut interest rates. He added shoppers also under pressure from the economic backdrop.
“Inflation remains high,” he said. “And big-ticket purchases are being delayed as customers sit back and wait …