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DIYers get thrifty on home improvement projects, Lowe's execs say
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DIYers get thrifty on home improvement projects, Lowe's execs say
are at a 16-year high,
Americans are cutting back ambitions on their do-it-yourself home makeovers.
That's the gist from Lowe's (LOW) executives describing the retailer's first-quarter results, which were impacted by customers growing more price-conscious.
"Candidly, what we're seeing is pressure across big-ticket discretionary purchases primarily," Marvin Ellison, president and CEO, said on the company's earnings call Tuesday. "We're seeing some pressure in small ticket [items], but it's more pronounced in big ticket [items] and is almost exclusively discretionary in DIY."
Comparable sales fell 4.3% at Lowe's in the most recent quarter, driven by weaker consumer demand. Customers also spent less per ticket, down 0.3% for the first quarter. On a monthly basis, comparable sales were lower by 3% in February, down by 5.4% in March, and off 3.9% in April — the latter two months hit hard by bad weather. Lumber deflation also played a role in the drop in sales.
Similar to earnings from Home Depot last week, the results again show the go-go years of home improvement spurred by the pandemic have ebbed as DIY-ers, who make up three-quarters of Lowe's clientele, downsize or down-price their plans.
Lowe's execs recognized that pivot in the quarter and, in response, launched new products to meet those needs.
For instance, it offered new closet organization systems across four private brands with choices ranging from pricier to more economical, including modular, easy-to-install wood, and wire systems, according to William Boltz, executive vice president of merchandising.
"Our private brand strategy allows us to deliver value to DIY customers who are looking for high-quality, on-trend products at more affordable price points," Boltz said on the call, "which enables us to provide differentiation, loyalty, and profitability."
Data from John Burns Research and Consulting also shows that remodeling customers are shifting away from high-grade products to lower-cost finishes and fixtures. About 29% moved in that direction in the first quarter of this year, up from the six previous quarters.
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