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Stock impact report

Lowe's CEO flags alarming consumer trend that's hurting sales [Yahoo! Finance]

Lowe's Companies, Inc. (LOW) 
Last lowe's companies, inc. earnings: 2/26 06:00 am Check Earnings Report
Company Research Source: Yahoo! Finance
In Lowe's latest earnings report, it revealed that its comparable sales dipped by 1.7% year-over-year during the first quarter of this year, while the number of transactions dropped by 3.9%. Don't miss the move: Subscribe to TheStreet's free daily newsletter Foot traffic in its stores also fell during the quarter. According to recent data from Placer.ai, Lowe's saw visits decline by 3.6%, and visits per location dropped by 3.7%. In April alone, visits even shrank by almost 7%. Related: Costco quietly limits customer purchases of a beloved product Amid this concerning trend, Lowe's generated an operating income of $2.4 billion, which is about 6% lower than what it earned during the same quarter last year. During an earnings call on May 21, Lowe's Merchandising Executive Vice President Bill Boltz said that while “unfavorable weather” across the country in February impacted sales, customers have also avoided making purchases for larger home improvement projects. “Bigge Show less Read more
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