Summary
Lowe's Companies, Inc. reported a decline in net sales and net earnings for fiscal year 2024, with net sales decreasing by 3.1% to $83.7 billion and net earnings falling by 10.0% to $7.0 billion. This performance was primarily attributed to macroeconomic factors such as ongoing inflation and higher interest rates, which negatively impacted discretionary spending by DIY customers. Despite these challenges, Lowe's saw positive comparable sales growth in Building Materials and improved Pro customer penetration, reflecting successful investments in Pro offerings, inventory, and delivery services. The company continues to execute its updated 'Total Home' strategy, focusing on Pro customer penetration, accelerating online sales, expanding home services, creating a loyalty ecosystem, and increasing space productivity. Lowe's is investing in its omnichannel capabilities and supply chain to enhance customer experience and delivery efficiency. The company also maintained a strong financial position, with $1.8 billion in cash and cash equivalents and $4.0 billion in undrawn credit facility capacity as of January 31, 2025. Shareholder returns remain a priority, with significant share repurchases and consistent dividend payments.
Financial Highlights
49 data points| Revenue | $83.67B |
| Cost of Revenue | $55.80B |
| Gross Profit | $27.88B |
| SG&A Expenses | $15.68B |
| Operating Income | $10.47B |
| Net Income | $6.96B |
| EPS (Basic) | $12.25 |
| EPS (Diluted) | $12.23 |
| Shares Outstanding (Basic) | 567.00M |
| Shares Outstanding (Diluted) | 568.00M |
Key Highlights
- 1Net sales for fiscal year 2024 decreased by 3.1% to $83.7 billion, impacted by macroeconomic pressures on DIY discretionary spending.
- 2Net earnings decreased by 10.0% to $7.0 billion, with diluted earnings per share falling to $12.23 from $13.20 in the prior year.
- 3Positive comparable sales growth was observed in Building Materials, supported by strong Pro customer demand.
- 4The company's 'Total Home' strategy is progressing, with a focus on Pro penetration, online acceleration, and expanded home services.
- 5Lowe's maintained a strong liquidity position with $1.8 billion in cash and cash equivalents and $4.0 billion in undrawn credit facilities.
- 6Significant capital allocation towards shareholder returns included $3.9 billion in share repurchases and $2.6 billion in dividends for fiscal year 2024.
- 7The company is making strategic investments in its supply chain and omnichannel capabilities to improve customer experience and operational efficiency.