Lowe's: Accelerating Big-Ticket Weakness Drove 2Q Sales Drop

Lowe's Cos.' (LOW) 9.5% decline in same-store sales in the second quarter was driven by accelerating weakness in big-ticket sales.

The company's average sales receipt fell 8.6%, a steeper drop than in the first quarter, as shoppers put off purchases of cabinets, countertops, fancy bath fixtures and new flooring, executives said during a conference call Monday.

The number of customer transactions dipped 0.9% on a same-store basis, a slight improvement over the first quarter as more shoppers took on do-it- yourself projects such as painting and landscaping. President and Chief Operating Officer Larry Stone said sales of garden tillers and repair parts for mowers benefited from the trend.

Read Full Article from CNNMoney.com

- Posted: 2009-08-17 11:23:07

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