Lowe's Guidance Hit by Waning Demand for Home Improvement.

Lowe's Cos. has lowered its forecast for the second time this year due to a decrease in demand for home improvement projects. Same-store sales are expected to drop by 5% for the full year, worse than the previous estimate of a decline between 2% and 4%. The company attributes this decline to fewer purchases of big-ticket items and a slowdown in spending on DIY projects. While demand from professional contractors remains steady, sales to ordinary homeowners have decreased. Lowe's shares fell by 2% following the announcement. [Extracted from the article]