Inflation Weighs on Consumer Demand and Lowe's Adjusts Its Strategy to Stay Competitive

Us home improvement chain Lowe's first quarter, Net sales were $21.4 billion,That was down 4.4% from $22.3 billion a year earlier. The company said last Tuesday, Same-store sales fell 4% in the first quarter, The reason is a decline in big discretionary DIY spending, Partially offset by aggressive competition from online and specialty sales.

Despite the weak results, Lowe's Inc, The results beat analysts' expectations, Revenue was $2.7 billion, That's down 19 percent from $3.3 billion a year earlier. Net profit was $2.3 billion from a year earlier. It fell 22 percent to $1.8 billion.

Lowe's maintained its full-year guidance, Sales are expected to be between $84 billion and $85 billion, That's down 2 to 3 percent from a year ago. Rival Home Depot. First quarter results released last week, That was below analysts' and Wall Street's expectations.

Marvin Ellison, CEO On Tuesday's earnings call,The weather, the housing market and inflation. Will continue to depress consumers, Discretionary spending --Is still a long-term pressure on the retail home improvement industry.

Still, Ellison said, The company is on its spring promotion.How to resonate with customers to feel satisfied. "The right brand, compelling offers, A combination of strong store execution and more flexible marketing, Helps us take advantage of the year, This is a critical moment, "Ellison said.

Lowe's in its professional customer base. Saw the positive competition, And by increasing sales and customer engagement, Saw the benefits of its investment. Ellison says professional clients are still, More resilient than DIY customers.

"Our strategy continues to be focused, Share share with small and medium-sized professionals, Such as maintenance and renovation contractors, property managers and tradespeople,"
Ellison said. The company continues to invest in the sector, Expanded ability to deliver larger orders to work sites, And opened all over the country, New Lowe's Specialty supply branch.