Lowe's reported total sales for the quarter were $25.0 billion, down 9.17%, for the second quarter ended August 4, 2023, compared to the same quarter last year. Comparable sales decreased 1.6%, with strong spring recovery and Pro and online sales growth, partially offsetting lumber deflation and lower DIY discretionary demand.

"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," said Marvin R. Ellison, Lowe's chairman, president and CEO.  "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. In recognition of the contributions of our front-line associates, we are awarding over $100 million in discretionary and profit-sharing bonuses to them this quarter. I would like to thank our front-line team for serving our customers and supporting our communities."

For year, the company projects total sales of approximately $87 – $89 billion and comparable sales expected to be down 2% to 4% as compared to prior year.