Home improvement retailer Lowe’s has reported total sales of $24.95bn in the second quarter (Q2) of fiscal year (FY) 2023, down from $27.47bn in the corresponding period in FY22.

The company noted that total Q2 sales include a $335m headwind associated with a timing shift in its fiscal calendar as it cycles over a 53-week year.

During the quarter ending 4 August 2023, the retailer’s comparable sales decreased by 1.6% based on a comparison to weeks 15-27 in 2022.

Lowe’s operating income for the period was $3.8bn, down from $4.2bn in Q2 FY22.

The retailer posted net earnings of $2.67bn in Q2 FY23, down from $2.9bn in the prior year quarter.

Its diluted earnings per common share (EPS) were $4.56 Q2 FY23 compared to $4.67 in the same period a year ago.

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By GlobalData

In the year-to-date, Lowe’s reported net sales of $47.30bn, down from $51.13bn in the same period last year.

The company’s operating income also dropped to $7.17bn in H1 FY23 from $7.53bn in H1 FY22. Its net earnings also decreased to $4.93bn from $5.32bn.

Lowe’s chairman, president and CEO Marvin Ellison said: “Our investments in our Total Home strategy continued to drive growth across Pro and online this quarter. And we are excited by our recent launch of same-day delivery nationwide and the expansion of our rural merchandising framework to roughly 300 stores.

“Our ability to reduce expenses while improving customer service is the result of excellent execution by our team and we remain confident in the mid- to long-term outlook for the home improvement industry.”

For the full year of 2023, Lowe’s expects total sales of approximately $87bn – $89bn and comparable sales to decline -2% to -4% compared to the prior year.

It expects adjusted diluted earnings per share of $13.20 to $13.60 in FY23.