Truist points to Lowe’s “DIY mix” as factor in lagging performance versus Home Depot

Lowe’s has been underperforming relative to Home Depot, and one explanation floated by Truist focuses on the makeup of Lowe’s sales, often described as its “DIY mix.” DIY, short for “do-it-yourself,” refers to purchases driven by homeowners taking on projects themselves, rather than contractors and builders.

In a market note carried by Yahoo Finance on Aug. 19, Truist suggested that Lowe’s relative performance may be shaped at least partly by how its sales are distributed across different customer segments. The idea is that demand trends can differ between DIY shoppers and more professional, contractor-led buying, which can affect sales momentum and store-level results.

The same post frames the comparison directly against Home Depot, implying that Home Depot’s broader mix has not experienced the same headwinds, or has been positioned better as customer behavior shifts. The commentary does not provide detailed segment-level numbers in the materials available here, so the magnitude of the effect, and how quickly it could change, is not specified.

Neither Lowe’s nor Home Depot disclosed new financial figures in the referenced posting, and the market note does not identify a specific quarter’s results or cite management guidance. It also does not explain whether Truist expects the “DIY mix” issue to improve or worsen, leaving the market to infer that the driver is more structural than purely cyclical.

For retail investors and analysts, “mix” matters because home improvement retail is not a single, uniform demand stream. Even in the same category, products and purchase timing can differ between DIY customers and contractors, and that difference can show up in basket size, promotion sensitivity, and overall store traffic.

In Home Depot’s case, its investor-facing materials and trading model center on how comparable sales and merchandising trends flow through the company’s results. Lowe’s similarly reports performance through comparable sales and related metrics, but the Truist framing in this note suggests that the customer base mix could be an additional lens for understanding why two large competitors may not move in lockstep.

A key caveat is that the referenced Yahoo Finance item provides an interpretation without the supporting detail needed to quantify it. The post’s headline and summary point to DIY mix as a potential factor, but it does not, in the information available here, lay out specific evidence such as segment revenue percentages, contractor share, or results by customer type.

What to watch next is whether either company’s upcoming disclosures, including comparable sales commentary, promotions, and inventory or category updates, provide clearer indicates on customer mix. If future company updates or analyst follow-ups tie results to DIY versus professional demand with clearer data, the market will be able to judge whether mix is a temporary driver or a more durable differentiator.