Yahoo Finance Live’s Rachelle Akuffo discusses quarterly earnings for Kohl’s, Lowe’s, and Home Depot.
Video Transcript
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RACHELLE AKUFFO: Well, today we got more insight into the state of the consumer with Kohl's and Lowe's earnings before the bell. As you can see there, the shares moving to the downside there. Kohl's off by almost 4% there. Lowe's down almost 6%.
Well, Lowe's, like its rival Home Depot, missed on revenue expectations, as the housing market downturn continues to weigh on home improvement retailers. Both saw a decrease in same store sales for their fiscal fourth quarter, though Lowe's was the larger dip. And Kohl's, the retailer currently feeling the pressure from activist investors, also had a tough time with shoppers, reporting a big loss and a sales decline of 7% in the fourth quarter. Now, also setting a weak outlook for full year 2023, anticipating net sales to decline between 2% and 4%. A tough picture there.
