Lowe's total sales for fiscal 2023 are expected to be $86.4 billion, down 11% year-on-year

It is learned that Lowe's reported that its online sales in the fourth quarter of 2023 were the same as the same period last year.

Lowe's total sales fell 17% to $18.6 billion in the quarter, down from $22.45 billion in the fourth quarter of 2022. Comparable sales fell 6.2% in the quarter, hurt by slowing demand from DIY customers and winter weather.

Yet despite those challenges, Lowe's still posted net income of $1.02 billion in the quarter, up from $957 million in the same period last year.

“We delivered strong operating profits and improved customer satisfaction during the quarter despite continued declines in DIY spending,” CEO Marvin Ellison said in a statement. “We remain confident in the long-term strength of the home improvement market and are making the right investments in our total home strategy to capture market share.”

For the full year 2023, Lowe's total sales fell 11%, from $97.06 billion in 2022 to $86.38 billion in 2023. However, net income increased, from $6.44 billion in 2022 to $7.73 billion in 2023.

It is reported that the buy online, pick up in store (BOPIS) strategy remains one of Lowe's core strategies. To further optimize this service, Lowe's is constantly launching redesigned store fronts where customers can conveniently pick up BOPIS products.

In 2023, Lowe's has successfully completed the transformation of 450 stores and plans to continue similar reconfiguration of more than 500 stores in 2024.

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