Lowe's Expected to Post Eighth Straight Quarter of Same-Store Sales Decline

Lowe’s Companies Inc. is expected to post its eighth consecutive quarter of same-store sales decline when it reports its fiscal fourth-quarter results on March 1.

Analysts on average expect Lowe’s to report a 1.9% decline in same-store sales for the quarter, according to Refinitiv data.

The home-improvement retailer has been struggling in recent quarters as consumers have pulled back on spending amid rising interest rates and inflation.

Lowe’s has also been facing competition from larger rival Home Depot Inc., which has been gaining market share in recent years.

In November, Lowe’s announced plans to close 30 stores as part of a cost-cutting plan aimed at saving the company $500 million.

The company also said it would lay off 2,000 workers as part of the plan.

Lowe’s shares have fallen by more than 30% over the past year as investors have grown concerned about the company’s outlook.

Despite the challenges, Lowe’s is still the second-largest home-improvement retailer in the United States, and analysts believe the company has the potential to turn things around.

“Lowe’s has a strong brand and a loyal customer base,” said Neil Saunders, managing director of GlobalData Retail. “But the company needs to do a better job of executing its strategy and competing with Home Depot.”

Lowe’s is expected to report its fiscal fourth-quarter results on March 1.