Lowe's (LOW) reported weaker-than-expected quarterl🥀y sales and lowered its outlook for the full year amid a slowdown in spending on big ticket home improvement projects.

The company said early Tuesday that total second-quarter sales fell 5.5% versus a year ago to $23.59 billion, which came in short of Wall Street expectations. 澳洲幸运5官方开奖结果体彩网:Net income of $2.38 billion came in ahead of analysts' estimates.

Lowe's, like its rival 澳洲幸运5官方开奖结果体彩网:Home Depot (HD), is contending with an 澳洲幸运5官方开奖结果体彩网:ongoing slowdown in discretionary spending as consumers deal with high prices for essentials and interest rates that ar𒉰e at a two-decade high.

Pressure on Discretionary Spending

In a press release, Lowe's attributed the decline in sales to "continued pressure in DIY bigger ticket discretionary spending," a factor Lowe's has 澳洲幸运5官方开奖结果体彩网:cited for much of the last year, and said that unfavorable weather also affected certain categories. The company said those declines were partially offset by growth in digital operations and sales to professional contractors, a 澳洲幸运5官方开奖结果体彩෴网:key market for Loꦦwe's and Home Depot.

Citing the low DIY sales and a "pressured macroeconomic environment," Lowe's lowered its full-year sales outlook to a range of $82.7 billion-$83.2 billion, from $84 billion-$85 billion previously. Comparable sales, which fell 5.1% in the second quarter, are expected to be down 3.5% to 4% for the full year, compared with a previous outlook for a decline of between 2% and 3%.

Lowe's also trimmed its outlook for 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) to $11.70-$11.90,�ꦐ� down from $12.00-$12.30 previously.

JPMorgan analysts wrote Tuesday that Lowe's earnings were "nothing surprising" considering the state of the home improvement industry in recent months, and said they maintain a "relatively positive view" of Lowe's profit margin outlook going forward.

Lowe's shares swayed in both directions in premarket trading Tuesday and were down about 0.3% to $242.50 about an hour before the opening bell.