Lowe's Companies, Inc. reported a decline in financial performance for the three and six months ended August 2, 2024, compared to the same periods in 2023. Net sales for the quarter were $23,586 million, down 5.5% from $24,956 million in the prior year. For the six-month period, net sales decreased to $44,950 million from $47,304 million, reflecting a 5.0% decline. The decrease in sales was attributed to reduced demand in the Do-It-Yourself (DIY) segment and unfavorable weather conditions impacting seasonal and outdoor categories.
Operating income for the three months ended August 2, 2024, was $3,447 million, a decrease from $3,886 million in the same quarter of 2023. For the six months, operating income fell to $6,100 million from $7,173 million. Pre-tax earnings also declined, with $3,130 million reported for the quarter compared to $3,545 million in 2023, and $5,431 million for the six months, down from $6,484 million.
Net earnings for the quarter were $2,383 million, or 10.10% of sales, down from $2,673 million (10.71% of sales) in the previous year. For the six-month period, net earnings decreased to $4,137 million (9.20% of sales) from $4,933 million (10.43% of sales). Basic earnings per share for the quarter were $4.18, down from $4.56, and for the six months, it decreased to $7.24 from $8.34.
Despite the decline in sales and earnings, Lowe's reported a significant increase in net cash provided by operating activities, which rose to $7,415 million for the six months ended August 2, 2024, compared to $5,968 million in the same period of 2023. The company also noted a net increase in cash and cash equivalents to $4,360 million from $3,494 million a year earlier.
Lowe's total assets increased to $44,934 million as of August 2, 2024, up from $44,521 million a year prior. Current liabilities rose to $18,246 million from $17,612 million, while long-term debt, excluding current maturities, decreased to $34,659 million from $35,839 million.
In terms of strategic developments, Lowe's continued its share repurchase program, with $1,930 million spent on repurchases in the first half of 2024, down from $4,356 million in the same period of 2023. The company also paid $629 million in dividends during the quarter. The ongoing implementation of Perpetual Productivity Improvement (PPI) initiatives aims to manage expenses in line with sales trends.
About LOWES COMPANIES INC
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.