Lowe’s cuts jobs, issues cautious guidance amid sector pressures
Despite better-than-expected revenue, CEO Marvin Ellison said “consumers are reluctant to make significant investments in their homes” right now.
Poor consumer outlook, elevated mortgage rates and low housing turnover continue to pressure the home sector, and any improvement is likely to be gradual, Lowe’s CEO Marvin Ellison told analysts Wednesday.
Despite this, Lowe’s delivered better-than-expected revenue and comp results in the fourth quarter. The company attributed the comps increase to a strong holiday performance, as well as growth in pro, online and home services sales. Lowe’s saw nine of its 14 merchandising categories deliver positive comps, including electrical, kitchen and baths, paint and millwork.
Lowe’s cuts jobs, issues cautious guidance amid sector pressures | Retail Dive