LOWE’S REPORTS FIRST QUARTER 2024 SALES AND EARNINGS RESULTS
PR Newswire
MOORESVILLE, N.C., May 21, 2024
— Comparable Sales Decreased 4.1%; Diluted EPS of $3.06 —
— Affirms Full Year 2024 Outlook —
MOORESVILLE, N.C., May 21, 2024 /PRNewswire/ — Lowe’s Companies, Inc. (NYSE: LOW) today reported net earnings of $1.8 billion and diluted earnings per share (EPS) of $3.06 for the quarter ended May 3, 2024, compared to diluted EPS of $3.77 in the first quarter of 2023, which included a gain associated with the 2022 sale of the Canadian retail business. Excluding this gain, first quarter 2023 adjusted diluted EPS(1) was $3.67.
Total sales for the quarter were $21.4 billion, compared to $22.3 billion in the prior-year quarter. Comparable sales for the quarter decreased 4.1% as the decline in DIY big ticket discretionary spending was partially offset by positive comparable sales in Pro and online.
“We are pleased with our start to spring, driven by strong execution and enhanced customer service,” said Marvin R. Ellison, Lowe’s chairman, president and CEO. “This quarter we rolled out our new DIY loyalty program nationally, expanded same-day delivery options and took market share in key categories. We continue to gain momentum with our Total Home strategy, reflected in our growth in Pro and online. I would like to thank our frontline associates for their hard work, commitment to customers and disciplined focus on productivity.”
As of May 3, 2024, Lowe’s operated 1,746 stores representing 194.9 million square feet of retail selling space.
Capital Allocation
The company continues to execute a disciplined capital allocation program to generate long-term, sustainable shareholder value. During the quarter, the company repurchased approximately 3.0 million shares for $743 million, and it paid $633 million in dividends.
(1) Adjusted diluted earnings per share is a non-GAAP financial measure.
Refer to the "Non-GAAP Financial Measures Reconciliation" section of this
release for additional information, as well as reconciliations between
the Company's GAAP and non-GAAP financial results.
Lowe's Business Outlook
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The company is affirming its outlook for full year 2024.
Full Year 2024 Outlook
-- Total sales of $84 to $85 billion
-- Comparable sales expected to be down -2 to -3% as compared to prior year
-- Operating income as a percentage of sales (operating margin) of 12.6% to
12.7%
-- Interest expense of approximately $1.4 billion
-- Effective income tax rate of approximately 25%
-- Diluted earnings per share of approximately $12.00 to $12.30
-- Capital expenditures of approximately $2 billion
A conference call to discuss first quarter 2024 operating results is scheduled for today, Tuesday, May 21, at 9 a.m. ET. The conference call will be available by webcast and can be accessed by visiting Lowe’s website at ir.lowes.com and clicking on Lowe’s First Quarter 2024 Earnings Conference Call Webcast. Supplemental slides will be available approximately 15 minutes prior to the start of the conference call. A replay of the call will be archived at ir.lowes.com.
Lowe's Companies, Inc. ----------------------
Lowe’s Companies, Inc. (NYSE: LOW) is a FORTUNE(R) 50 home improvement company serving approximately 16 million customer transactions a week in the United States. With total fiscal year 2023 sales of more than $86 billion, Lowe’s operates over 1,700 home improvement stores and employs approximately 300,000 associates. Based in Mooresville, N.C., Lowe’s supports the communities it serves through programs focused on creating safe, affordable housing and helping to develop the next generation of skilled trade experts. For more information, visit Lowes.com.