(Reuters: Lowe’s (NYSE 🙂 Cos Inc reported a greater-than-expected fall in same-store Sales on Wednesday due to lower demand for its building supplies and home-improvement products from the pandemic.

Americans who were unable to leave their homes during lockdowns engaged more in DIY home projects. They also saw a rise in sales for Lowe’s paint and similar building supplies. Home Depot (NYSE:) 2020

Due to increasing mortgage rates in the United States, there are signs that the housing boom may be cooling. However, sales to DIY customers has slowed considerably as more people return to work.

Marvin Ellison, chief executive officer of Marvin Ellison stated in a statement that “Because 75% our customer base are DIY, our Q1 Sales were disproportionately affected by the cooler spring temperature.”

Home Depot, a larger rival in the home-improvement sector, raised its forecast for fiscal 2022 on Tuesday. The chain also reiterated its outlook for fiscal 2022.

From $2.32 trillion or $3.21 per shares a year ago, Lowe’s net earnings edged up to $2.33 Billion or $3.51 per Share.

The first quarter saw a decrease in same-store sales of 4.4%, which is lower than the 2.5% Wall Street expected, according to IBES data from Refinitiv.