Lowe’s Forecasts 0–2% 2026 Comp Sales Growth After 0.6% Q1 Increase
Lowe’s reaffirmed its 2026 outlook, forecasting same-store sales growth of 0–2% after reporting Q1 comps up 0.6% versus the 0.7% expectation. CEO Marvin Ellison warned that 6%+ mortgage rates have driven the lowest housing turnover since the financial crisis, prompting a shift to smaller DIY projects.
1. Q1 Sales Performance
In the first quarter, Lowe’s reported same-store sales growth of 0.6%, narrowly missing the 0.7% consensus forecast. Growth was driven by online sales, appliance demand, home services, and strength in its professional customer segment.
2. 2026 Outlook Reaffirmed
Management reaffirmed guidance for flat to 2% same-store sales growth in fiscal 2026, below the 2% analysts had anticipated. The company expects seasonal momentum in early Q2 from Memorial Day, Father’s Day and the Fourth of July selling events.
3. Housing Market Headwinds
CEO Marvin Ellison highlighted the ‘lock-in’ effect of sustained 6%+ mortgage rates, which has led to the lowest housing turnover since the financial crisis. As a result, homeowners are focusing on smaller, cost-effective improvements like painting, yard work and appliance replacements.