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.