Third quarter sales at Lowe’s were down 3% as officials with the home improvement retailer blamed the company’s continued soft sales on consumers delaying larger purchases.
For the quarter ended October 30, net sales were $11.4 billion, down from sales of $11.7 billion in the comparable quarter the pervious year. Comparable store sales for the quarter were down 7.5%.
“The broad-based pressures of the macro environment are clearly evident in our sales as consumers continue to delay large purchases until they feel better about the economic outlook,” commented Robert A. Niblock, Lowe’s chairman and CEO. “While consumer spending remained weak, we were pleased with our sequential improvement in comparable store sales from the second quarter and continued evidence of solid market share gains.”
He noted, however, that the company is beginning to see signs of improvement in some of the hardest-hit housing markets including California, Florida and areas of the desert Southwest.
“As the economy and the housing market continue through the bottoming and recovery process, we know there will be ongoing macroeconomic challenges, including declining home values and rising unemployment,” Niblock said. “However, we are encouraged by the signs of stabilization in our business and remain confident we are well positioned to capture additional market share.”