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LOW · LOWES COMPANIES INC

50 filings

10-Q

LOW 10-Q Quarterly Reports

LOWES COMPANIES INC - 50 quarterly reports

Filing record · 2016–202610-K1110-Q328-K126

LOW filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 126 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · May ’17May ’17
  2. Leadership change8-K · Apr ’20Apr ’20
  3. Leadership change8-K · Jun ’22Jun ’22
  4. Deal closed8-K · Oct ’25Oct ’25
  1. 2027-Q2

    LOWES COMPANIES INC Quarterly Report for Q2 Ended Jul 31, 2026

    Lowe's Companies, Inc. reported solid financial results for the second quarter and first six months of fiscal year 2026. Net sales for the quarter increased by 8.3% year-over-year to $25.96 billion, driven by a 2.3% increase in average ticket, though customer transactions saw a slight decrease. For the first six months, net sales grew 9.2% to $49.03 billion. Net earnings remained stable for the quarter at $2.4 billion, with diluted EPS of $4.27, consistent with the prior year. For the first six months, net earnings were $4.03 billion. The company continues to manage its operations effectively, with a focus on Pro customers, online sales, and home services, while navigating a dynamic economic environment. Investments in strategic initiatives and productivity improvements are ongoing, positioning the company for long-term growth.

    Aug 27, 2026
  2. 2027-Q2

    LOWES COMPANIES INC Quarterly Report for Q2 Ended May 1, 2026

    Lowe's Companies, Inc. (LOW) reported a 10.3% increase in net sales for the first quarter of fiscal year 2026, reaching $23.1 billion, up from $20.9 billion in the prior year period. This growth was primarily driven by a 0.6% increase in comparable sales, which included a 1.5% rise in average ticket price, slightly offset by a 0.9% decrease in customer transactions. Despite the sales increase, net earnings remained relatively flat at $1.63 billion, leading to a slight decrease in diluted earnings per share to $2.90 from $2.92 in the prior year. The company incurred pre-tax expenses of $96 million related to intangible asset amortization from recent acquisitions (ADG and FBM), which impacted adjusted diluted earnings per share to $3.03, indicating a stronger operational performance when these one-time costs are excluded. The company continued its strategic investments in Pro customer offerings, online presence, and home services. Significant debt repayment was observed, with $2.4 billion of bond maturities repaid, aligning with a deleveraging commitment. Liquidity remains strong, with $0.8 billion in cash and cash equivalents and $4.6 billion in undrawn capacity on its revolving credit facilities. Management notes a challenging macroeconomic environment, including the impact of winter storms early in the quarter, but expressed encouragement from customer response to seasonal offerings as weather improved.

    May 28, 2026
  3. 2026-Q3

    LOWES COMPANIES INC Quarterly Report for Q3 Ended Oct 31, 2025

    Lowe's Companies, Inc. reported solid revenue growth for the third quarter of fiscal year 2025, with net sales increasing by 3.2% to $20.8 billion. This was driven by a 0.4% increase in comparable sales, a 3.4% rise in average ticket, partially offset by a 3.0% decrease in customer transactions. While net earnings for the quarter were $1.6 billion, a slight decrease from the prior year's $1.7 billion, diluted earnings per share were $2.88 compared to $2.99 in the prior year. These results reflect significant strategic investments, including the completion of two major acquisitions: Artisan Design Group (ADG) and Foundation Building Materials (FBM), which represent a substantial expansion into the Pro customer segment and total home solutions. Financially, the company has undertaken significant debt financing to support these acquisitions, issuing $5.0 billion in unsecured notes and securing a $2.0 billion term loan. Despite increased interest expenses and acquisition-related costs, Lowe's maintains a strong liquidity position with substantial undrawn capacity on its revolving credit facilities. The company is focused on its "Total Home" strategy, seeing positive momentum in Pro growth, online sales, and home services, while expecting macroeconomic factors like interest rates to support future demand. Investors should note the impact of acquisition-related expenses on current earnings, and the strategic shift towards a more comprehensive offering for the Pro customer.

    Nov 26, 2025
  4. 2026-Q3

    LOWES COMPANIES INC Quarterly Report for Q3 Ended Aug 1, 2025

    Lowe's Companies, Inc. reported modest revenue growth for the second quarter of fiscal year 2025, with net sales increasing by 1.6% to $24.0 billion. This growth was primarily driven by a 1.1% increase in comparable sales, fueled by a 2.9% rise in average ticket, though partially offset by a 1.8% decrease in customer transactions. Net earnings remained stable at $2.4 billion, resulting in diluted earnings per share (EPS) of $4.27, a slight increase from $4.17 in the prior year period. The company successfully navigated market uncertainties by leveraging productivity initiatives and its 'Total Home' strategy, which continues to support Pro customer growth and online sales. For the first six months of the fiscal year, net sales saw a slight decrease of 0.1% to $44.9 billion, with comparable sales down 0.3%. Net earnings for the six-month period were $4.0 billion, compared to $4.1 billion in the prior year, leading to diluted EPS of $7.19 versus $7.23. The company completed the acquisition of Artisan Design Group (ADG) for $1.3 billion, which is expected to expand its Pro customer offerings. Lowe's maintained a strong liquidity position with $4.9 billion in cash and cash equivalents and $4.0 billion in undrawn credit facilities, while continuing to return capital to shareholders through dividends and share repurchases, albeit at a reduced pace for repurchases in the current period.

    Aug 28, 2025
  5. 2026-Q2

    LOWES COMPANIES INC Quarterly Report for Q2 Ended May 2, 2025

    Lowe's Companies, Inc. reported a 2.0% decrease in net sales for the first quarter of fiscal year 2025, totaling $20.9 billion, down from $21.4 billion in the prior year period. This decline was attributed to a 1.7% decrease in comparable sales, driven by a 3.8% drop in customer transactions, although partially offset by a 2.1% increase in average ticket price. Net earnings fell to $1.6 billion from $1.8 billion, with diluted earnings per share decreasing to $2.92 from $3.06 year-over-year. The company cited ongoing challenges in the housing market, pressure on DIY discretionary spending, and unfavorable early spring weather as factors impacting performance. Despite these headwinds, Lowe's saw continued growth in its Pro and online sales, reflecting the progress of its "Total Home" strategy. Investments in technology, including the relaunch of the My Lowe's Pro Rewards program and the introduction of an AI-powered virtual advisor, "MyLowe's", are intended to enhance customer experience and drive future growth.

    May 29, 2025
  6. 2025-Q3

    LOWES COMPANIES INC Quarterly Report for Q3 Ended Nov 1, 2024

    Lowe's Companies, Inc. reported a 1.5% decrease in net sales for the third quarter of fiscal year 2024, reaching $20.2 billion, compared to $20.5 billion in the prior year. This decline was primarily driven by a 1.1% decrease in comparable sales, attributed to a 1.3% drop in customer transactions, slightly offset by a 0.2% increase in average ticket. Net earnings for the quarter were $1.7 billion, down from $1.8 billion in the same period last year, resulting in diluted earnings per share of $2.99, a slight decrease from $3.06. The company noted that the results included a $54 million pre-tax gain from contingent consideration related to the sale of its Canadian retail business, which added $0.10 to diluted EPS. Excluding this, adjusted diluted EPS was $2.89. Despite the top-line softness, Lowe's highlighted strength in serving Pro customers and growth in online sales, alongside proactive expense management and a resilient long-term market outlook driven by macro trends.

    Nov 27, 2024
  7. 2025-Q3

    LOWES COMPANIES INC Quarterly Report for Q3 Ended Aug 2, 2024

    Lowe's Companies, Inc. reported a decline in net sales and net earnings for the third quarter and first six months of fiscal year 2024 compared to the prior year. Net sales for the quarter fell by 5.5% to $23.6 billion, with comparable sales down 5.1%. This was primarily driven by a 5.9% decrease in customer transactions, indicating softer Do-It-Yourself (DIY) demand and impacts from unfavorable weather on seasonal categories. Diluted earnings per share decreased to $4.17 from $4.56 in the same period last year. Despite the sales headwinds, the company demonstrated operational discipline and cost management through its Perpetual Productivity Improvement (PPI) initiatives. Management remains optimistic about the long-term drivers of the home improvement market, including home price appreciation and disposable income, and believes Lowe's is well-positioned for future market share growth. The company continues to invest in its "Total Home" strategy and omnichannel capabilities, while also returning capital to shareholders through share repurchases and dividends.

    Aug 29, 2024
  8. 2025-Q2

    LOWES COMPANIES INC Quarterly Report for Q2 Ended May 3, 2024

    Lowe's Companies, Inc. reported a decrease in net sales and net earnings for the first quarter of fiscal year 2024 compared to the same period in fiscal year 2023. Net sales fell by 4.4% to $21.4 billion, while net earnings decreased to $1.8 billion from $2.3 billion. Diluted earnings per share also saw a decline to $3.06 from $3.77. This performance reflects a 4.1% decrease in comparable sales, attributed to a 3.1% drop in customer transactions and a 1.0% decrease in average ticket size, indicating ongoing pressure on DIY and discretionary spending. Despite the sales decline, the company highlighted positive comparable sales in specific categories like Lawn & Garden and Building Products, particularly noting strength with Pro customers and growth in online sales. Management emphasized their confidence in the "Total Home" strategy and "Perpetual Productivity Improvement" initiatives to navigate the current macroeconomic environment and position the company for future market share growth. The company also continued its commitment to returning capital to shareholders through share repurchases and dividends, though the pace of share repurchases slowed considerably compared to the prior year's quarter.

    May 30, 2024
  9. 2024-Q3

    LOWES COMPANIES INC Quarterly Report for Q3 Ended Nov 3, 2023

    Lowe's Companies, Inc. reported its third quarter and year-to-date results for fiscal year 2023, reflecting a challenging retail environment. For the third quarter, net sales decreased by 12.8% to $20.5 billion, and comparable sales fell by 7.4%. This decline was attributed to reduced DIY discretionary spending, though the company noted positive comparable sales growth with its Pro customers, indicating progress in its Pro strategy. Net earnings for the quarter significantly improved year-over-year to $1.8 billion ($3.06 per diluted share) from $154 million ($0.25 per diluted share) in the prior year. This substantial increase is largely due to a $2.1 billion pre-tax long-lived asset impairment recorded in the third quarter of fiscal 2022 related to the Canadian retail business, which heavily impacted prior year earnings. For the first nine months of fiscal 2023, net sales decreased by 9.2% to $67.8 billion. The company generated $7.0 billion in cash flow from operations, utilizing $1.3 billion for capital expenditures and returning significant capital to shareholders through $1.6 billion in share repurchases and $642 million in dividends during the third quarter. Despite the top-line pressure, Lowe's remains focused on strategic priorities, including enhancing its Pro offering, expanding its rural and outlet store formats, and improving customer experience through expedited fulfillment and delivery options. The company also continues to benefit from its Perpetual Productivity Improvement initiatives.

    Nov 29, 2023
  10. 2024-Q3

    LOWES COMPANIES INC Quarterly Report for Q3 Ended Aug 4, 2023

    Lowe's Companies, Inc. reported a decrease in net sales and net earnings for the second quarter and first six months of fiscal year 2023 compared to the prior year. Net sales for the second quarter declined 9.2% to $24.96 billion, and for the first six months, they decreased by 7.5% to $47.30 billion. This decline is largely attributed to the divestiture of the Canadian retail business in the prior year, as well as a 1.6% decrease in comparable sales for the second quarter, driven by lumber commodity deflation and consumer spending pressures. Despite the top-line pressure, the company saw positive comparable sales growth with its Pro customers, reflecting successful loyalty programs and enhanced online capabilities. Diluted earnings per common share also saw a decrease, with $4.56 reported for the second quarter of fiscal 2023, down from $4.67 in the prior year. The company continued its focus on capital allocation, repurchasing $2.2 billion of common stock and paying $624 million in dividends during the second quarter. Management highlights progress in its Total Home strategy and productivity initiatives as key drivers for future market share gains and long-term shareholder value, while acknowledging the ongoing market uncertainties.

    Aug 30, 2023
  11. 2024-Q2

    LOWES COMPANIES INC Quarterly Report for Q2 Ended May 5, 2023

    Lowe's Companies, Inc. reported a 5.5% decrease in net sales for the first quarter of fiscal 2023, totaling $22.3 billion, compared to $23.7 billion in the prior year's quarter. This decline was impacted by the sale of the Canadian retail business and a 4.3% decrease in comparable sales, attributed to lumber commodity deflation, adverse weather, and macroeconomic uncertainty affecting DIY spending. Despite these headwinds, the company saw positive comparable sales growth with Pro customers, driven by loyalty programs, and experienced growth in online sales. Net earnings for the quarter were $2.3 billion, a slight decrease of 3.1% year-over-year, with diluted earnings per share at $3.77. The company highlighted efforts to gain efficiencies through its Perpetual Productivity Improvement (PPI) initiatives and continued investment in technology and supply chain modernization. Lowe's demonstrated a strong commitment to returning capital to shareholders, repurchasing $2.1 billion in common stock and paying $633 million in dividends during the quarter, while maintaining a robust liquidity position with $3.0 billion in cash and cash equivalents and $3.9 billion in undrawn credit facilities.

    Jun 1, 2023
  12. 2023-Q3

    LOWES COMPANIES INC Quarterly Report for Q3 Ended Oct 28, 2022

    Lowe's Companies, Inc. reported a mixed financial performance for the third quarter and the first nine months of fiscal year 2022. While net sales saw a modest increase of 2.4% to $23.5 billion in the third quarter, driven by a 2.2% increase in comparable sales, net earnings were significantly impacted by a substantial $2.1 billion pre-tax long-lived asset impairment charge related to the planned sale of its Canadian retail business. This impairment resulted in a sharp decline in net earnings to $154 million from $1.9 billion in the prior year's quarter, and diluted EPS dropped to $0.25 from $2.73. For the nine-month period, net sales saw a slight decrease of 0.4% to $74.6 billion. The company's strategic decision to divest its Canadian operations aims to simplify its business model and enhance operating margins. Despite the reported net earnings drop, excluding the impairment charge, adjusted diluted EPS showed an increase, indicating underlying operational strengths. The company continued its commitment to returning capital to shareholders through significant share repurchases and dividend payments.

    Nov 23, 2022
  13. 2023-Q2

    LOWES COMPANIES INC Quarterly Report for Q2 Ended Jul 29, 2022

    Lowe's Companies, Inc. reported its second-quarter and first-half fiscal year 2022 results, showing resilience amidst evolving market conditions. For the second quarter, net sales remained relatively flat, decreasing by 0.3% to $27.5 billion, while net earnings were $3.0 billion, consistent with the prior year. Diluted earnings per share (EPS) saw a notable increase of 9.9% to $4.67. This performance was influenced by a slight decline in comparable sales (-0.3%), driven by a decrease in customer transactions, though partially offset by an increase in average ticket price, reflecting unit price increases due to inflation. The company highlighted strong demand from its Pro customers, evidenced by positive comparable sales in core Pro categories. However, DIY customer demand was impacted by a shorter spring season and the normalization of pandemic-driven spending. For the first six months of fiscal 2022, net sales decreased by 1.6% to $51.1 billion, with comparable sales down 2.1%. Despite the revenue dip, the company generated strong operating cash flow of $6.0 billion and continued its commitment to shareholder returns through significant share repurchases ($8.1 billion in the first half) and dividend payments.

    Aug 25, 2022
  14. 2023-Q1

    LOWES COMPANIES INC Quarterly Report for Q1 Ended Apr 29, 2022

    Lowe's Companies, Inc. reported net sales of $23.7 billion for the first quarter of 2022, a decrease of 3.1% compared to the prior year's $24.4 billion, largely attributed to a 4.0% decline in comparable sales. This decline was influenced by unseasonably cold and wet weather impacting spring-related outdoor categories, though Pro customer demand remained strong, particularly in Building Products. Despite the top-line softness, net earnings saw a slight increase of 0.5% to $2.3 billion, leading to a 9.4% rise in diluted earnings per common share to $3.51. The company also demonstrated operational efficiency through its Perpetual Productivity Improvement (PPI) initiatives, which helped improve operating margins. Lowe's is actively returning capital to shareholders, repurchasing $4.1 billion in common stock and paying $537 million in dividends during the quarter. The company also launched its new Pro Loyalty program, MVPs Pro Rewards, and is advancing its Total Home strategy.

    May 26, 2022
  15. 2022-Q3

    LOWES COMPANIES INC Quarterly Report for Q3 Ended Oct 29, 2021

    Lowe's Companies, Inc. reported a strong third quarter for fiscal year 2021, with net sales increasing by 2.7% to $22.9 billion, driven by a 2.2% rise in comparable sales. Net earnings saw a significant jump of 174.0% to $1.9 billion, translating to diluted earnings per share of $2.73, up from $0.91 in the prior year. This robust performance was bolstered by favorable product mix, improved credit revenue, and effective cost management, particularly in SG&A expenses which leveraged 230 basis points due to reduced COVID-19 related costs and operational efficiencies. For the first nine months of fiscal 2021, net sales grew 8.1% to $74.9 billion, with comparable sales up 7.4%. The company demonstrated strong operating cash flow of $9.2 billion. Lowe's continued its commitment to shareholder returns, repurchasing $2.9 billion in common stock and paying $563 million in dividends during the third quarter. The company is executing its 'Total Home' strategy, focusing on Pro customers, online expansion, and supply chain modernization to drive future growth and market share gains despite ongoing supply chain disruptions.

    Nov 24, 2021
  16. 2022-Q2

    LOWES COMPANIES INC Quarterly Report for Q2 Ended Jul 30, 2021

    Lowe's Companies Inc. reported solid financial results for the second quarter and first six months of fiscal year 2021, demonstrating resilience and strategic execution. For the second quarter, net sales saw a modest increase of 1.0% to $27.6 billion, driven by a significant 13.8% rise in average ticket, though partially offset by a 12.8% decrease in customer transactions. Net earnings grew by 6.7% to $3.0 billion, resulting in a 13.8% increase in diluted earnings per share to $4.25. The company's "Total Home" strategy continued to gain traction, particularly with the Pro customer segment, which experienced 21% growth in sales during the quarter. Despite a decline in Do-It-Yourself (DIY) demand as customers returned to pre-pandemic routines, Lowe's focused on enhancing its omnichannel experience with new digital tools and improved in-store fulfillment. Significant capital was returned to shareholders through $3.1 billion in share repurchases and $0.43 billion in dividends during the quarter. The company maintained a strong liquidity position with $4.8 billion in cash and cash equivalents and $3.0 billion in undrawn credit facilities.

    Aug 26, 2021
  17. 2022-Q1

    LOWES COMPANIES INC Quarterly Report for Q1 Ended Apr 30, 2021

    Lowe's Companies, Inc. reported a strong first quarter for fiscal year 2021, with net sales increasing by 24.1% to $24.4 billion compared to the same period in 2020. This growth was primarily driven by a significant increase in comparable sales, up 25.9%, reflecting broad-based demand across DIY and Pro customers, both in-store and online. The company's 'Total Home' strategy, focusing on Pro customers, online expansion, installation services, and product assortment, is showing positive momentum. Net earnings saw a substantial increase of 73.6% to $2.3 billion, leading to a diluted earnings per common share of $3.21, an 82.1% rise from the prior year. This performance was supported by improved gross margins, leverage in SG&A expenses, and disciplined capital allocation, including significant share repurchases ($3.0 billion) and dividend payments ($440 million). The company maintains a strong liquidity position with $6.7 billion in cash and cash equivalents and ample credit facility availability.

    May 27, 2021
  18. 2021-Q3

    LOWES COMPANIES INC Quarterly Report for Q3 Ended Oct 30, 2020

    Lowe's Companies, Inc. (LOW) reported robust sales growth for the third quarter and first nine months of fiscal year 2020, driven by a significant increase in comparable sales, up 30.1% and 25.6% respectively. This strong performance was attributed to broad-based demand across all merchandising divisions and geographic regions, catering to both DIY and Pro customers, with notable strength in categories like Lumber, Lawn & Garden, and Décor. Despite the impressive top-line growth, net earnings for the third quarter saw a notable decrease of 34.1% compared to the prior year, largely due to a substantial $1.1 billion pre-tax loss from the extinguishment of debt as the company proactively refinanced its outstanding notes to capitalize on a favorable interest rate environment. The company also incurred significant expenses related to COVID-19 support for associates and initiatives like the U.S. Stores Reset. However, excluding these one-time items and other adjustments, adjusted diluted earnings per common share showed a healthy increase of 40.4% in the third quarter, underscoring the underlying operational strength. The company ended the period with a strong liquidity position, including over $8.2 billion in cash and cash equivalents.

    Nov 25, 2020
  19. 2021-Q2

    LOWES COMPANIES INC Quarterly Report for Q2 Ended Jul 31, 2020

    Lowe's Companies, Inc. reported exceptionally strong results for the second quarter and first six months of fiscal year 2020, driven by unprecedented customer demand for home improvement products amidst the COVID-19 pandemic. Net sales surged by 30.1% in Q2 and 21.3% year-to-date, with comparable store sales increasing significantly by 34.2% and 23.6% respectively. This robust performance translated into substantial profit growth, with net earnings rising by 68.8% in Q2 and 53.0% year-to-date. The company successfully leveraged its investments in technology and omnichannel capabilities to meet this demand, improving online sales and operational efficiencies. The company also demonstrated strong cash flow generation, with operating activities providing approximately $11.8 billion in the first six months of 2020. Despite increased capital expenditures and debt issuance to fund operations and strategic initiatives, Lowe's maintained a healthy liquidity position, with $11.6 billion in cash and cash equivalents and $3 billion in undrawn credit facilities. Management noted continued focus on safety initiatives for associates and customers, alongside community support, and is planning further investments in supply chain infrastructure and merchandising to support long-term growth.

    Aug 26, 2020
  20. 2021-Q2

    LOWES COMPANIES INC Quarterly Report for Q2 Ended May 1, 2020

    Lowe's Companies, Inc. reported a strong first quarter for fiscal year 2020, ending April 30, 2020, with net sales increasing by 10.9% to $19.7 billion and net earnings rising by 27.8% to $1.3 billion. This performance exceeded expectations, driven by a significant 11.2% increase in comparable sales, attributed to broad-based growth across most product categories and regions, with particular strength in DIY and Pro customer segments. The company demonstrated resilience amidst the COVID-19 pandemic, implementing robust safety measures and providing support for associates and communities, incurring $342 million in related expenses. Despite global economic uncertainty, Lowe's benefited from increased demand for home improvement and essential products as consumers spent more time at home. Financially, the company saw a substantial increase in operating cash flow to $4.5 billion, supported by effective inventory management and favorable working capital changes. While capital expenditures increased to $328 million, Lowe's also significantly strengthened its liquidity by issuing $4.0 billion in unsecured notes and increasing revolving credit facilities. However, the company announced a suspension of its share repurchase program for the remainder of fiscal 2020, prioritizing dividend payments as its primary method of returning capital to shareholders. Management expressed confidence in their ability to navigate the unpredictable environment while continuing to invest in omni-channel capabilities.

    May 28, 2020
  21. 2020-Q3

    LOWES COMPANIES INC Quarterly Report for Q3 Ended Nov 1, 2019

    Lowe's Companies, Inc. reported its third-quarter and nine-month results for the period ending November 1, 2019. The company demonstrated strong operational performance, with net earnings increasing significantly in the third quarter due to improved gross margins and effective SG&A leverage. Despite a slight year-over-year decrease in overall net sales for the third quarter, comparable sales saw a healthy increase, indicating positive customer traffic and improved execution in stores. The company also continued its commitment to returning capital to shareholders through substantial share repurchases and dividend payments. Management's strategic initiatives, particularly those focused on enhancing the 'Pro' customer experience and modernizing e-commerce capabilities, are progressing, with plans for a national Pro loyalty program and a cloud-based e-commerce platform in the near future. Financially, the company's operating cash flow remained robust, although it decreased compared to the prior year, primarily due to working capital changes. Investing activities focused on capital expenditures for existing store improvements and strategic initiatives. The balance sheet reflects the adoption of new lease accounting standards, with increased operating lease assets and liabilities. Management expressed confidence in the company's liquidity and ability to fund operations and strategic investments.

    Dec 4, 2019
  22. 2020-Q3

    LOWES COMPANIES INC Quarterly Report for Q3 Ended Aug 2, 2019

    Lowe's Companies, Inc. reported solid results for the second quarter and first half of fiscal year 2019, reflecting a 0.5% increase in net sales to $21.0 billion for the quarter and a 1.3% increase to $38.7 billion for the first six months. Diluted earnings per share saw a significant increase of 14.9% to $2.14 in the second quarter, driven by a combination of factors including the strategic exit from Mexico retail operations and strong comparable sales growth of 2.3% in the quarter, despite some headwinds like lumber deflation. The company demonstrated effective cost management, with SG&A expenses leveraging 170 basis points as a percentage of sales in the second quarter, largely due to prior year charges related to the Orchard Supply Hardware exit. Capital expenditures for the first six months were $526 million, with a forecast of approximately $1.6 billion for the full year. Lowe's also continued its commitment to returning capital to shareholders, paying $382 million in dividends and repurchasing $2.0 billion of common stock during the second quarter alone.

    Sep 3, 2019
  23. 2020-Q2

    LOWES COMPANIES INC Quarterly Report for Q2 Ended May 3, 2019

    Lowe's Companies, Inc. reported first-quarter results for fiscal year 2019 with a net sales increase of 2.2% to $17.7 billion and a net earnings increase of 5.9% to $1.0 billion. Diluted earnings per share rose to $1.31, up from $1.19 in the prior year's comparable period. The company highlighted strong comparable sales in key categories like Seasonal & Outdoor Living and Lawn & Garden, attributing improvements to better inventory management and targeted marketing efforts. Despite a slight increase in net sales, gross margin experienced pressure, a 165 basis point decrease as a percentage of sales, due to factors including significant changes in the merchandising organization, legacy pricing tools, and increased distribution costs. Financially, Lowe's generated $2.1 billion in operating cash flow and deployed $205 million for capital expenditures. The company continued its commitment to shareholder returns, paying $385 million in dividends and repurchasing $818 million of common stock during the quarter. A significant item impacting the effective tax rate was a favorable tax benefit related to the liquidation strategy for its Mexico retail operations. The company anticipates approximately $1.6 billion in capital expenditures for the full fiscal year 2019.

    Jun 3, 2019
  24. 2019-Q3

    LOWES COMPANIES INC Quarterly Report for Q3 Ended Nov 2, 2018

    Lowe's Companies, Inc. (LOW) reported its third-quarter fiscal year 2018 results, characterized by a strategic reassessment aimed at strengthening the company's foundation for long-term success. During the quarter, Lowe's initiated several significant business exits, including Orchard Supply Hardware operations, 20 underperforming U.S. stores, 31 locations in Canada, and certain non-core U.S. activities. Additionally, a decision was made to pursue an exit from its Mexico retail operations. These strategic actions resulted in substantial pre-tax charges of $280 million in the third quarter, impacting net earnings and diluted earnings per share. Despite these charges, net sales increased by 3.8% to $17.4 billion, with comparable sales showing a modest increase of 1.5%. The company is focusing on improving store and online execution, addressing issues like out-of-stocks and reset execution. While facing some category-specific challenges, key growth areas included Seasonal & Outdoor Living, Appliances, and Lawn & Garden. The favorable retail environment, supported by strong consumer confidence and residential investment, presents an opportunity for Lowe's to gain market share as it addresses operational improvements. The company maintains a strong liquidity position and expects it to remain adequate for its operational needs, investments, debt repayment, dividends, and share repurchases.

    Dec 6, 2018
  25. 2019-Q3

    LOWES COMPANIES INC Quarterly Report for Q3 Ended Aug 3, 2018

    Lowe's Companies, Inc. reported strong financial performance for the second quarter and first half of fiscal year 2018, demonstrating significant year-over-year growth. Net sales increased by 7.1% in the second quarter and 5.2% for the first six months, driven by a combination of comparable sales growth, particularly in key categories like Lawn & Garden and Lumber & Building Materials, and the adoption of new revenue recognition standards. Diluted earnings per share also saw a healthy increase, rising by 10.8% in the quarter. A significant strategic development during this period was the decision to exit Orchard Supply Hardware operations, which resulted in impairment charges and is expected to incur further costs in the second half of the year. Despite these charges, the company is focused on streamlining operations, enhancing its omni-channel presence, and reallocating resources to its core home improvement business, aiming for improved efficiency and profitability. The company also continued its commitment to returning capital to shareholders through substantial share repurchases and dividend payments.

    Sep 4, 2018
  26. 2019-Q2

    LOWES COMPANIES INC Quarterly Report for Q2 Ended May 4, 2018

    Lowe's Companies, Inc. reported a notable increase in net sales and net earnings for the first quarter of fiscal year 2018 compared to the prior year. Net sales grew by 3.0% to $17.4 billion, driven by both product sales and services, with comparable sales showing a modest increase of 0.6%, though offset by a decrease in customer transactions. The company's adoption of the new revenue recognition standard (ASU 2014-09) had a positive impact on reported sales and gross margin. Significant strategic leadership changes were announced, including the upcoming retirement of the CEO and Chairman, Robert A. Niblock, and the appointment of Marvin R. Ellison as his successor. These transitions, along with the CFO's planned retirement, are highlighted as a key factor to monitor. The company also continued its capital return program, paying $340 million in dividends and repurchasing $750 million of its common stock in the quarter, reflecting a commitment to shareholder value.

    Jun 5, 2018
  27. 2018-Q3

    LOWES COMPANIES INC Quarterly Report for Q3 Ended Nov 3, 2017

    Lowe's Companies, Inc. reported a strong third quarter for fiscal year 2017, with net sales increasing by 6.5% to $16.8 billion and net earnings surging by 130.3% to $872 million, leading to a diluted EPS of $1.05, up significantly from $0.43 in the prior year's third quarter. This performance was driven by broad-based comparable sales increases across all product categories, particularly in Lumber & Building Materials and Appliances, and was further boosted by demand from Pro customers. The company also noted a positive impact from hurricanes Harvey and Irma on comparable sales, which contributed approximately 140 basis points. Operationally, Lowe's demonstrated improved efficiency, with Selling, General, and Administrative (SG&A) expenses leveraging significantly as a percentage of sales, largely due to the absence of prior year impairment charges. The company continued its commitment to returning cash to shareholders, with $344 million in dividends and $500 million in share repurchases during the quarter. Looking ahead, Lowe's anticipates the introduction of Craftsman products in 2018 and remains focused on enhancing its omni-channel capabilities and customer experience.

    Dec 5, 2017
  28. 2018-Q3

    LOWES COMPANIES INC Quarterly Report for Q3 Ended Aug 4, 2017

    Lowe's Companies, Inc. reported solid performance for the second quarter and the first six months of fiscal year 2017, demonstrating growth in net sales and earnings. Net sales increased by 6.8% to $19.5 billion for the quarter and 8.5% to $36.4 billion for the six-month period, driven by comparable sales increases across most regions and product categories, including strength in Appliances, Lumber & Building Materials, and Lawn & Garden. Diluted earnings per share saw a significant increase of 28.2% in the second quarter to $1.68. The company also highlighted strategic progress, including the acquisition of Maintenance Supply Headquarters to strengthen its Pro customer offerings and continued integration efforts for RONA in Canada. Management expressed confidence in the home improvement industry's outlook, citing supportive macroeconomic factors such as job growth and favorable housing market conditions. Lowe's remains committed to returning capital to shareholders through dividends and share repurchases, with $2.6 billion remaining under its authorized repurchase program.

    Sep 5, 2017
  29. 2018-Q2

    LOWES COMPANIES INC Quarterly Report for Q2 Ended May 5, 2017

    Lowe's Companies, Inc. reported its first quarter results for fiscal year 2017, ending May 4, 2017. While net sales saw a significant increase of 10.7% to $16.9 billion, driven by the acquisition of RONA and comparable sales growth, net earnings experienced a notable decrease of 31.9% to $602 million. This decline was largely influenced by a $464 million pre-tax loss on debt extinguishment, which impacted diluted earnings per share by $0.33. Excluding this and a prior year foreign currency hedge gain, adjusted diluted EPS saw a healthy increase of 18.4% to $1.03. Despite the net earnings dip, the company demonstrated strong operational performance with comparable sales increasing by 1.9%, led by categories like Kitchens, Appliances, and Lumber & Building Materials. The company continued its commitment to shareholder returns, paying $304 million in dividends and repurchasing $1.2 billion of common stock in the quarter. Looking ahead, Lowe's anticipates solid gains in the home improvement industry, supported by economic growth and favorable consumer spending trends. The company is also strategically expanding its Pro customer offerings and integrating the RONA acquisition to unlock further value.

    Jun 6, 2017
  30. 2017-Q3

    LOWES COMPANIES INC Quarterly Report for Q3 Ended Oct 28, 2016

    This 10-Q filing for Lowe's Companies, Inc. for the period ending October 27, 2016, highlights a significant increase in net sales driven by the acquisition of RONA and comparable sales growth. However, net earnings and diluted EPS saw a substantial decrease compared to the prior year, primarily due to substantial non-cash charges related to the Australian joint venture wind-down, project write-offs, and impairments of goodwill and long-lived assets from Orchard Supply Hardware operations. Excluding these one-time charges, adjusted net earnings and adjusted diluted EPS showed an increase, indicating underlying operational strength. The company's financial position remains robust, with strong cash flow from operations. Significant capital allocation strategies include ongoing share repurchases and dividend payments. The acquisition of RONA is positioned as a strategic move to accelerate growth in the Canadian market. Investors should note the impact of the RONA integration on expenses and the ongoing focus on omni-channel initiatives. Key financial metrics were impacted by these significant charges. While reported net earnings declined, management emphasizes adjusted figures to demonstrate the performance of core operations. The company continues to return capital to shareholders, indicating confidence in its financial health and future prospects despite the reported net earnings decrease.

    Nov 29, 2016
  31. 2017-Q2

    LOWES COMPANIES INC Quarterly Report for Q2 Ended Jul 29, 2016

    Lowe's Companies, Inc. reported solid results for the second quarter and first half of fiscal year 2016, demonstrating growth driven by a combination of increased comparable sales and the impactful acquisition of RONA Inc. Net sales saw a notable increase, bolstered by the strategic expansion into the Canadian market through RONA. The company also reported growth in net earnings and diluted earnings per share, reflecting operational improvements and strategic initiatives. Key financial highlights include a significant increase in total assets, largely due to the RONA acquisition which also contributed to higher total liabilities and long-term debt. Despite these increases, the company maintained a strong focus on shareholder returns, evidenced by substantial dividend payments and significant share repurchases. Management remains optimistic about the home improvement industry's outlook, citing positive macroeconomic trends such as job market gains and disposable income growth as drivers for continued consumer spending.

    Sep 2, 2016
  32. 2017-Q1

    LOWES COMPANIES INC Quarterly Report for Q1 Ended Apr 29, 2016

    Lowe's Companies, Inc. reported strong performance for the first quarter of fiscal year 2016, with net sales increasing by 7.8% to $15.2 billion and comparable sales rising by 7.3%. This growth was driven by broad-based strength across all product categories and regions, benefiting from favorable macroeconomic conditions and increased consumer investment in home improvement. The company also saw a significant increase in net earnings, up 31.4% to $884 million, translating to diluted earnings per share (EPS) of $0.98, a 40% increase year-over-year. A notable item impacting results was an unrealized gain from a foreign currency option contract related to the pending acquisition of RONA Inc., which added $0.11 to EPS. Despite a slight contraction in gross margin due to promotional activity and product mix, the company demonstrated effective cost management, leading to a leverage in SG&A expenses. The company also continued its commitment to returning capital to shareholders, repurchasing $1.2 billion in common stock and paying $255 million in dividends during the quarter.

    May 31, 2016
  33. 2016-Q3

    LOWES COMPANIES INC Quarterly Report for Q3 Ended Oct 30, 2015

    Lowe's Companies, Inc. reported solid performance for the third quarter and the first nine months of fiscal year 2015, driven by a 5.0% increase in net sales for the quarter and a 4.9% increase year-to-date. This growth was fueled by a 4.6% comparable sales increase in Q3 and a 4.6% increase year-to-date, indicating healthy performance across their store base. Net earnings saw a significant jump of 25.8% in the third quarter to $736 million, translating to a diluted EPS of $0.80, up from $0.59 in the prior year's comparable period. The company continues to demonstrate a strong commitment to returning capital to shareholders, with $750 million in stock repurchases and $260 million in dividends paid during the third quarter. Management remains confident in the business outlook due to favorable macroeconomic indicators and the effective execution of strategic priorities focused on enhancing customer experience and driving productivity.

    Dec 2, 2015
  34. 2016-Q2

    LOWES COMPANIES INC Quarterly Report for Q2 Ended Jul 31, 2015

    Lowe's Companies, Inc. reported solid financial results for the second quarter and first half of fiscal year 2015. Net sales increased by 4.5% to $17.3 billion for the quarter and 4.9% to $31.5 billion for the six-month period, driven by a 4.3% and 4.7% increase in comparable sales, respectively. This growth was supported by robust performance in key discretionary categories such as Appliances, Outdoor Power Equipment, and Kitchens, indicating consumer confidence in home improvement investments. Profitability also saw positive movement, with net earnings increasing by 8.4% to $1.1 billion for the quarter and 8.2% to $1.8 billion for the six-month period. Diluted earnings per share rose significantly by 15.4% to $1.20 in the second quarter. The company continued its commitment to shareholder returns, repurchasing $1.5 billion in common stock during the quarter and paying $218 million in dividends, demonstrating a focus on capital allocation and driving shareholder value.

    Sep 1, 2015
  35. 2016-Q2

    LOWES COMPANIES INC Quarterly Report for Q2 Ended May 1, 2015

    Lowe's Companies, Inc. reported solid financial results for the first quarter of fiscal year 2015, ended May 1, 2015. The company experienced a 5.4% increase in net sales, reaching $14.1 billion, driven by a 5.2% rise in comparable sales across all product categories. This growth was supported by favorable economic indicators and effective execution of strategic initiatives, including staggered Spring Black Friday events and logistics management to mitigate port disruptions. Profitability also saw a healthy increase, with net earnings up 7.8% to $673 million, resulting in a diluted earnings per share of $0.70, a 14.8% increase year-over-year. The company continued its commitment to shareholder returns, paying $222 million in dividends and repurchasing $1.0 billion of common stock during the quarter. Management expressed confidence in the 2015 outlook, citing improving macroeconomic conditions and ongoing strategic priorities.

    Jun 2, 2015
  36. 2015-Q3

    LOWES COMPANIES INC Quarterly Report for Q3 Ended Oct 31, 2014

    Lowe's Companies, Inc. reported a solid third quarter for fiscal year 2014, with net sales increasing by 5.6% to $13.7 billion, driven by a 5.1% increase in comparable sales. This growth was observed across all regions and product categories, with particular strength in Pro Services, which continued to outperform the company average for the thirteenth consecutive quarter. The company attributed this performance to an improving macroeconomic landscape, enhanced Sales & Operations Planning, and strategic adjustments to better serve the Pro customer. Financially, net earnings for the quarter rose by 17.3% to $585 million, resulting in diluted earnings per share of $0.59, a 25.5% increase year-over-year. The company also demonstrated a strong commitment to returning capital to shareholders, distributing $229 million in dividends and repurchasing $900 million of common stock during the quarter. For the first nine months of the fiscal year, net sales grew 4.6% and net earnings increased by 13.5%, reflecting continued positive momentum.

    Dec 2, 2014
  37. 2015-Q3

    LOWES COMPANIES INC Quarterly Report for Q3 Ended Aug 1, 2014

    Lowe's Companies, Inc. (LOW) reported strong second-quarter results for fiscal year 2014, with net sales increasing by 5.7% to $16.6 billion and comparable sales up by 4.4%. This growth was driven by broad-based strength across product categories and regions, recovering from weather-related impacts in the first quarter. The company also saw a significant increase in net earnings, up 10.4% to $1.0 billion, leading to diluted earnings per share of $1.04, an 18.2% rise year-over-year. Financially, Lowe's demonstrated solid operational execution, improving gross margin by 20 basis points and leveraging selling, general, and administrative (SG&A) expenses. The company actively returned capital to shareholders through $183 million in dividends and $1.1 billion in share repurchases during the quarter. Management expressed confidence in the business outlook for the remainder of 2014, citing positive macroeconomic indicators and strategic initiatives, including investments in customer experience and the Pro Services business, which continues to outperform.

    Sep 2, 2014
  38. 2015-Q2

    LOWES COMPANIES INC Quarterly Report for Q2 Ended May 2, 2014

    Lowe's Companies, Inc. reported its first-quarter results for fiscal year 2014, demonstrating a modest increase in net sales and a significant jump in net earnings and diluted earnings per share compared to the prior year. The company navigated challenging weather conditions in the first quarter, particularly in the Northeast, which impacted comparable sales, especially in outdoor product categories. Despite these headwinds, Lowe's saw positive comparable sales growth driven by an increase in average ticket size and strength in its Pro Services business. Financially, Lowe's maintained strong operating cash flows, which continue to be its primary source of liquidity. The company actively managed its capital resources, returning value to shareholders through substantial share repurchases and a declared increase in quarterly dividends. The company reaffirmed its full-year 2014 outlook, expressing confidence in its strategic priorities and expected moderate improvement in the home improvement industry.

    Jun 3, 2014
  39. 2014-Q3

    LOWES COMPANIES INC Quarterly Report for Q3 Ended Nov 1, 2013

    Lowe's Companies, Inc. reported a solid third quarter for fiscal year 2013, ending November 1, 2013. Net sales increased by 7.3% to $13.0 billion, with comparable sales up 6.2%. This growth was driven by an increase in both customer transactions and average ticket size. The company saw strength across most product categories and all geographic regions, particularly in Florida, California, and Arizona, indicating a positive response to housing market improvements. Net earnings saw a significant increase of 26.0% to $499 million, resulting in diluted earnings per share of $0.47, a 34.3% rise year-over-year. This improved profitability was supported by a higher gross margin, aided by the Value Improvement initiative, and leverage in Selling, General, and Administrative (SG&A) expenses. The company also continued its commitment to returning capital to shareholders, repurchasing $761 million of common stock and paying $191 million in dividends during the quarter.

    Dec 3, 2013
  40. 2014-Q3

    LOWES COMPANIES INC Quarterly Report for Q3 Ended Aug 2, 2013

    Lowe's Companies, Inc. reported solid performance for the second quarter and first half of fiscal year 2013, demonstrating notable year-over-year growth in key financial metrics. Net sales increased by 10.3% to $15.7 billion for the quarter and 5.1% to $28.8 billion for the first six months, driven by a robust 9.6% comparable sales increase in Q2, fueled by both higher transaction volume and average ticket size. This growth reflects a strengthening housing market, increased housing turnover, and improved job growth, which boosted consumer spending on home improvement. The company also highlighted significant improvements in profitability, with net earnings up 25.9% to $941 million in the second quarter and 16.2% for the first six months. This was supported by a 42 basis point increase in gross margin as a percentage of sales for the quarter, attributed to cost reductions and more effective promotions, and a 53 basis point leverage in SG&A expenses, primarily due to operating salary efficiencies. Management expressed confidence in the company's strategic initiatives and execution, expecting continued strength in key markets and overall business outlook for the remainder of the year.

    Sep 3, 2013
  41. 2014-Q2

    LOWES COMPANIES INC Quarterly Report for Q2 Ended May 3, 2013

    This 10-Q filing for Lowe's Companies, Inc. for the period ending May 3, 2013, reveals a slight decrease in net sales by 0.5% to $13.1 billion compared to the prior year's first quarter. This dip was primarily attributed to unfavorable weather conditions impacting seasonal outdoor categories, which saw a 7% decline in comparable sales. However, indoor categories performed well, with a 3% increase in comparable sales, and the Pro Services business also demonstrated strength. Despite the revenue softness, the company reported an increase in net earnings by 2.5% to $540 million and a significant 14.0% rise in diluted earnings per share to $0.49. This improvement was driven by gross margin expansion and effective management of selling, general, and administrative (SG&A) expenses, despite investments in store labor. Lowe's continued its commitment to returning capital to shareholders by paying $178 million in dividends and repurchasing approximately $1.0 billion in common stock during the quarter, demonstrating a focus on shareholder value enhancement amidst a challenging sales environment.

    Jun 4, 2013
  42. 2013-Q3

    LOWES COMPANIES INC Quarterly Report for Q3 Ended Nov 2, 2012

    Lowe's reported solid third-quarter fiscal 2012 results (quarter ended November 2, 2012). Net sales rose 1.9% to $12.07 billion, with comparable store sales up 1.8%, driven mainly by a 1.6% increase in comparable average ticket. Gross margin expanded 26 basis points to 34.32%, and SG&A leveraged 224 basis points, largely because the prior year included impairments and costs tied to 27 store closures. Net earnings rose 75.6% to $396 million, and diluted EPS was $0.35 versus $0.18 a year earlier. Nine-month results were also up, with net sales of $39.5 billion (+2.3%) and diluted EPS of $1.42 (vs. $1.17). Part of the nine-month comparison is distorted by the 53-week fiscal 2011 and by the timing of prior-year impairments, so the quarter-over-quarter improvement overstates underlying momentum. Balance sheet and capital allocation shifted meaningfully. Long-term debt rose to $9.0 billion from $6.0 billion a year earlier after $2.0 billion of unsecured notes were issued in April 2012, and $3.6 billion of stock was repurchased in the first nine months, reducing shareholders' equity to $14.2 billion. Management has $900 million left on its $5.0 billion repurchase authorization, and guidance assumed roughly $4.15 billion in total fiscal 2012 buybacks. Operating cash flow fell to $3.5 billion from $3.9 billion, mainly on working-capital timing and tax payments. Management reaffirmed fiscal 2012 expectations for flat total sales, approximately 1% comparable store sales growth, a roughly 40 basis point operating margin improvement, and diluted EPS of about $1.64. Debt ratings are A- (S&P, negative outlook) and A3 (Moody's, stable). Deloitte & Touche performed only a review, not an audit, of the interim statements.

    Dec 4, 2012
  43. 2013-Q3

    LOWES COMPANIES INC Quarterly Report for Q3 Ended Aug 3, 2012

    Lowe's reported a soft second quarter of fiscal 2012 (ended August 3, 2012). Net sales fell 2.0% to $14.2 billion, and comparable store sales declined 0.4%, driven by a 0.8% drop in comparable transactions partly offset by a 0.4% rise in average ticket. Results were hurt by a one-week shift from the 53-week fiscal 2011 (about $259 million of lost sales in the quarter), weakness in Lawn & Garden and Building Materials, and gross margin compression of 56 basis points to 33.93%, driven by promotions, price reductions, drought-related write-offs and the proprietary credit value proposition. Net earnings fell 10.0% to $747 million, and diluted EPS was $0.64, flat year over year, supported by a lower share count. Management said it fell short of expectations, attributed this to inconsistent execution and a slower-than-expected rollout of its initiatives, and indicated that the transformation may not be complete until mid-2013. Balance sheet and capital allocation shifted meaningfully. Long-term debt rose to $9.0 billion (about $9.2 billion including current maturities) after a $2.0 billion unsecured notes issuance in April 2012, while cash and equivalents climbed to $1.7 billion. The company repurchased $2.8 billion of stock in the first half, leaving $1.75 billion of authorization, and it expects to use $1.5 billion of that by fiscal year-end. Retained earnings fell to $14.2 billion as buybacks were charged against it. Management's fiscal 2012 guidance called for flat total sales, a 45 basis point operating margin increase, and diluted EPS of $1.64. The filing also disclosed a non-binding $1.8 billion proposal to acquire Canadian retailer RONA, which RONA's board rejected, and a California environmental subpoena that the company is cooperating with. For investors, the key questions are whether gross margin pressure eases in the second half, whether comparable sales can turn positive on a sustained basis, and how the company balances buybacks and possible acquisitions against a rising debt load. Management's ability to deliver the implied second-half EPS of roughly $0.57 from its $1.64 full-year target (after $1.07 in the first half) will be a central test.

    Sep 4, 2012
  44. 2013-Q2

    LOWES COMPANIES INC Quarterly Report for Q2 Ended May 4, 2012

    Lowe's Companies, Inc. reported its first quarter results for the period ending May 4, 2012. The company saw a significant increase in net sales, driven by favorable weather and growth in the commercial business, though demand for seasonal products slowed towards the end of the quarter. Despite a contraction in gross margin, Lowe's managed operating expenses effectively, leading to an increase in diluted earnings per share. Key strategic initiatives focused on enhancing customer experiences through a flexible fulfillment process and improved contact center tools, product differentiation by resetting store layouts and highlighting brands, and value improvement via product line reviews and simplified vendor agreements. The company raised its quarterly dividend and continued its aggressive share repurchase program, indicating a focus on returning capital to shareholders. Despite macroeconomic uncertainties and a cautious outlook on consumer spending, Lowe's remains focused on operational execution and strategic investments to drive future growth.

    Jun 6, 2012
  45. 2012-Q3

    LOWES COMPANIES INC Quarterly Report for Q3 Ended Oct 28, 2011

    Lowe's Companies, Inc. reported its third quarter and year-to-date results for the period ending October 28, 2011. While net sales saw a modest increase of 2.3% for the quarter ($11.9 billion) and 0.6% for the nine months ($38.6 billion) compared to the prior year, profitability was significantly impacted by restructuring charges. The company announced the closure of 27 underperforming stores and the discontinuation of new store projects, leading to $336 million in charges for the quarter and $401 million for the nine months. These charges included significant long-lived asset impairment losses and exit costs, contributing to a substantial decline in net earnings. Despite the headwinds from restructuring, the company is focusing on core business improvements and technological enhancements, including in-store system upgrades and the rollout of mobile devices for associates. Management is emphasizing value improvement and product differentiation to enhance the customer experience. The company reiterated its outlook for the fourth quarter and fiscal year 2011, anticipating modest sales growth but continued pressure on operating margins due to ongoing strategic initiatives and charges.

    Dec 1, 2011
  46. 2012-Q2

    LOWES COMPANIES INC Quarterly Report for Q2 Ended Jul 29, 2011

    Lowe's reported a soft second quarter of fiscal 2011 (ended July 29, 2011). Net sales rose 1.3% to $14.5 billion, but comparable store sales fell 0.3% amid unfavorable weather, tough comparisons to prior-year government stimulus programs, and continued consumer focus on small-ticket repair and maintenance projects. Gross margin contracted 37 basis points to 34.49%, driven by promotional activity, the new 5% off every day discount for Lowe's credit cardholders, and higher distribution costs from fuel and ocean freight. SG&A was flat as a percentage of sales at 22.22%, and diluted EPS was $0.64, up from $0.58 a year earlier, helped by lower depreciation and a smaller share count. For the six months, net sales were roughly flat at $26.7 billion and comparable store sales declined 1.7%. Net earnings fell 2.2% to $1.29 billion, and diluted EPS rose to $0.98 from $0.92, reflecting aggressive share repurchases. The company bought back $2.4 billion of stock in the first half, exhausted its $5.0 billion authorization, and the board approved a new $5.0 billion program on August 19, 2011. Operating cash flow improved to $3.3 billion from $2.8 billion, mainly from working capital timing in accounts payable, while cash and short-term investments declined, and long-term debt rose to $6.6 billion. Management lowered its fiscal 2011 outlook for comparable store sales to roughly a 1% decline, from the prior expectation of flat to modest growth in some communications, and expects diluted EPS of $1.48 to $1.54, including about $0.06 per share of impairment and store closing costs. Seven stores were closed on August 14, 2011. Investors should weigh the margin pressure and weak comparable sales against the company's continued capital return, while noting that Moody's has a negative outlook on the senior debt rating.

    Aug 30, 2011
  47. 2012-Q1

    LOWES COMPANIES INC Quarterly Report for Q1 Ended Apr 29, 2011

    Lowe's reported a soft first quarter of fiscal 2011 (ended April 29, 2011). Net sales fell 1.6% to $12.2 billion, and comparable store sales declined 3.3%, driven by unseasonably cold, wet weather in the north, severe southern storms, and tough comparisons against last year's government stimulus programs (Cash for Appliances and the Homebuyer Tax Credit). Management said results were below its expectations. Profitability held up better than sales: gross margin rose 26 basis points to 35.44% on margin-rate and product-mix gains, but SG&A deleveraged 62 basis points, pushing pre-tax margin down to 6.07% from 6.34%. Net earnings fell 4% to $462 million... [see note below], and diluted EPS was flat at $0.34 as share repurchases reduced the share count by about 8%. Balance sheet and cash returns remained the centerpiece of the quarter. Lowe's repurchased about $1.0 billion of stock (37.9 million shares) and still has $1.4 billion of authorization left, with management expecting to use it by fiscal year-end. Shareholders' equity fell to $17.5 billion from $19.0 billion a year earlier, largely because repurchases are charged to retained earnings. Cash and equivalents were $1.5 billion, and the company has no borrowings under its $1.75 billion credit facility or commercial paper program. Its debt ratings remain A/A1 with stable outlooks. Forward-looking guidance was reaffirmed in part: management expects fiscal 2011 total sales growth of about 4% (including a 53rd week), comparable store sales growth of 0% to 1%, and diluted EPS of $1.56 to $1.64. The board also declared a 27% increase in the quarterly dividend to $0.14 per share, a signal of confidence in cash generation despite the weak start to the year.

    May 31, 2011
  48. 2011-Q3

    LOWES COMPANIES INC Quarterly Report for Q3 Ended Oct 29, 2010

    Lowe's Companies, Inc. reported its third-quarter and nine-month results for the period ending October 29, 2010. For the third quarter, the company saw a slight increase in comparable store sales of 0.2%, indicating a cautious consumer environment impacted by economic uncertainty and housing market sluggishness. Despite this modest sales growth, Lowe's effectively managed its margins, with gross margin increasing by 85 basis points due to strategic pricing initiatives and efficient seasonal inventory management. This focus on operational efficiency and expense control is crucial as the company navigates a slow-growth economy. For the first nine months of the fiscal year, net sales increased by 3.5% compared to the prior year. The company demonstrated solid profitability, with diluted earnings per share for the nine-month period of $1.21, up from $1.07 in the prior year. Lowe's continued to strengthen its financial position, with significant cash flow from operations and a well-managed balance sheet. The company also actively returned capital to shareholders through share repurchases and dividends. Looking ahead, Lowe's anticipates continued modest growth and is focused on maintaining market share and operational excellence.

    Dec 1, 2010
  49. 2011-Q2

    LOWES COMPANIES INC Quarterly Report for Q2 Ended Jul 30, 2010

    Lowe's Companies, Inc. (LOW) reported its second-quarter and first-half fiscal year 2010 results, demonstrating resilience in a challenging economic environment. Net sales showed a modest increase, with comparable store sales also turning positive, indicating a gradual return of consumer spending on discretionary projects. The company focused on operational efficiency and strategic initiatives, such as leveraging the government's Cash for Appliances program, which contributed to market share gains in that category. Despite ongoing economic uncertainties impacting the labor and housing markets, Lowe's management remains committed to prudently managing expenses while investing in tools and strategies to enhance efficiency and customer service.

    Aug 31, 2010
  50. 2011-Q1

    LOWES COMPANIES INC Quarterly Report for Q1 Ended Apr 30, 2010

    Lowe's Companies, Inc. reported its first quarter results for the period ending April 30, 2010, showing a notable rebound in sales and a slight increase in net earnings compared to the prior year. The company experienced its first comparable store sales increase in 15 quarters, driven by improving consumer sentiment, favorable weather, and the impact of government stimulus programs like 'Cash for Appliances' and the 'Homebuyer Tax Credit.' This sales momentum contributed to a 2.7% increase in net earnings year-over-year, reaching $489 million. Despite the positive top-line performance, the gross margin rate saw a slight decrease due to a change in product mix, particularly the increased sales of lower-margin appliances stimulated by government programs. However, the company managed its expenses effectively, with selling, general, and administrative costs remaining relatively stable as a percentage of sales. Lowe's also demonstrated a strong ability to generate operating cash flow, which was bolstered by effective working capital management, including a significant increase in accounts payable. The company also bolstered its liquidity by issuing $1 billion in senior notes during the quarter.

    Jun 2, 2010