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May 03, 2024
Lowe's Q1 2024 Earnings Report
Comparable sales decreased by 4.1%, and diluted EPS was $3.06.
Key Takeaways
Lowe's reported net earnings of $1.8 billion and diluted earnings per share (EPS) of $3.06 for the quarter ended May 3, 2024. Total sales for the quarter were $21.4 billion. Comparable sales for the quarter decreased 4.1%.
Comparable sales decreased 4.1% due to a decline in DIY big ticket discretionary spending, partially offset by positive comparable sales in Pro and online.
The company rolled out its new DIY loyalty program nationally and expanded same-day delivery options.
Lowe's continues to gain momentum with its Total Home strategy, reflected in growth in Pro and online.
The company repurchased approximately 3.0 million shares for $743 million and paid $633 million in dividends during the quarter.
Forward Guidance
The company is affirming its outlook for full year 2024.
Positive Outlook
- Total sales of $84 to $85 billion
Challenges Ahead
- 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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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