Lowe's trimmed its full-year 2026 outlook on Wednesday after second-quarter revenue fell short of expectations, as weakness in discretionary do-it-yourself spending continued to weigh on results. The Mooresville, North Carolina-based home improvement retailer now expects total sales of $92 billion for the year, the bottom of its prior range of $92 billion to $94 billion, with comparable-store sales projected to be flat versus a previous forecast of flat to up 2%. Full-year adjusted earnings per share guidance was narrowed to $12.25 from a prior range of $12.25 to $12.75. For the quarter ended July 31, Lowe's reported net income of $2.4 billion, or $4.27 per share, unchanged from a year earlier, while adjusted earnings per share came in at $4.40, up 1.6% from the prior-year adjusted figure. Total sales rose to $25.96 billion from $23.96 billion a year ago, but revenue came in below analyst expectations of $26.16 billion, according to CNBC. Comparable sales edged up 0.2%, with professional and home services categories and a 15.7% jump in online sales providing a lift that was not enough to fully counter ongoing macroeconomic headwinds for DIY customers. The quarter's results included an 11-cent per share benefit from refunds related to IEEPA tariffs, and Lowe's also recognized $96 million in pre-tax expenses tied to its acquisitions of Foundation Building Materials and Artisan Design Group. Chairman, president and chief executive Marvin Ellison said sustained growth in Pro, Online and Home Services led to a fifth consecutive quarter of positive comp sales despite pressure in discretionary DIY spending. The updated outlook reflects broader pressure across the home improvement sector, as rival Home Depot told investors on Tuesday that shoppers have yet to re-engage with major renovation work amid what it called frozen housing market conditions. Lowe's stock fell about 2% in premarket trading on Wednesday.
Lowe's Companies IncLowe's cuts 2026 outlook and misses Q2 revenue due to weak DIY spending, directly impacting its performance.
The Home Depot Inc