Shares of Lowe’s (LOW) dropped over 2% in early trading Tuesday after the home improvement retailer missed revenue expectations and slashed its outlook as the booming dꦉemand for home upgrades during the pandemic faded.

Lowe’s now expects full-year 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) of about $13, and revenue at $86 billion. That’s down from its previous estimates of EPS in the range of $13.20 to $13.60, and revenue of $87 billion to $89 billion. In addition, the company projects 澳洲幸运5官方开奖结果体彩网:comparable store sales falling 5% versus its earlier forecast of a drop of between 2% and 4%.

In its fiscal 20✅23 third quarter, Lowe’s reported EPS of $3.06, better than expect✤ed, but sales fell 12.8% from a year ago to $20.47 billion, less than anticipated. Comparable store sales slipped 7.4%.

CEO Marvin Ellison blamed th🃏e lackluster results and guidance on a decline in discretionary spending for do-it-yourself (DIY) projects, especially big-ticket items. He noted that because so much of Lowe’s revenue is generated by DIY consumers, the “greater-than-expected” pullback “disproportionately impa💦cted our third quarter comp performance.” However, he explained that Lowe’s benefited from increased demand from professional contractors.

With Tuesday's losses, Lowe’s shares were little changed for 2023.