Appetite for home improvement projects will likely be sluggish this year, but there are good reasons to expect the slump will be temporary, according to the home improvement retailer Lowe’s (LOW).
“When you hear these factors with trends like chronic undersupply of homes, millennial household formation, baby boomers aging in place, and a sustained number of people working from home — you can see why we are confident that home improvement demand will trend upwards over time across both homeowners and Pros,” Lowe’s CEO Marvin Ellison said on the company’s fiscal fourth quarter earnings call Tuesday.
Lowe’s reported comparable sales were down 6.2% in the quarter that ended Feb. 2, driven by continued pressure from do-it-yourself customers holding off spending on bigger ticket items. Lowe’s forecast comparable sales to be down by 2% to 3% for the full year 2024.
Sales of…
