“Our results in the first half were disproportionately impacted by our 75% DIY customer mix, which was partially offset by our double-digit Pro growth for the ninth consecutive quarter.

“I am pleased that our team drove operating margin improvement and effectively managed inventory despite lower-than-expected sales – a clear reflection of our relentless focus on operating discipline and productivity,” Ellison explained. The company noted that sales dipped year-over-year to $27.5 billion compared to $27.6 billion in the second quarter of 2021. In a statement, Ellison tnoed that DIY (do it yourself) sales “disproportionately impacted” results. Lowe’s expects full-year earnings to be $13.10 to $13.60 per share, with revenue in the range of $97 billion to $99 billion. Eleven analysts surveyed by Zacks expected $28.2 billion. The home improvement retailer posted revenue of $27.48 billion in the period, which fell short of Street forecasts. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of $4.63 per share. The results beat Wall Street expectations.

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