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Lowe’s Reports Second Quarter 2024 Sales and Earnings Results
Mooresville, N.C., Aug. 20, 2024 – Lowe’s Companies, Inc. (NYSE: LOW) announced its financial results for the second quarter of 2024, ending Aug. 2, 2024. The company's net earnings were $2.4 billion with diluted earnings per share (EPS) of $4.17, marking a decrease from $4.56 in the same quarter of 2023. The adjusted diluted EPS, which excludes a $43 million pre-tax gain from the 2022 sale of its Canadian retail business, was $4.10.
Key Financial Highlights
- Diluted EPS: $4.17; Adjusted Diluted EPS: $4.10
- Net Earnings: $2.4 billion
- Total Sales: $23.6 billion
- Comparable Sales Decrease: 5.1%
Sales and Performance Overview
Lowe’s total sales for Q2 2024 amounted to $23.6 billion, a decrease from $25.0 billion in the same period last year. This decline was primarily driven by reduced discretionary spending on bigger ticket items by DIY customers, as well as unfavorable weather conditions affecting seasonal and outdoor categories. However, positive sales were reported in the Pro and online segments.
CEO’s Statement on Performance
Lowe’s chairman, president, and CEO, Marvin R. Ellison, acknowledged the challenging macroeconomic environment, particularly for homeowners. Despite the headwinds, the company reported strong operating performance and improved customer service. Ellison highlighted the positive momentum in the Pro customer category, which showed mid-single-digit growth during the quarter.
Updated Outlook for Full Year 2024
Due to lower-than-expected DIY sales and a pressured macroeconomic climate, Lowe’s has revised its outlook for the full year 2024:
- Total Sales: Revised to $82.7 - $83.2 billion (previously $84 - $85 billion)
- Comparable Sales: Expected to decline by 3.5% to 4.0% (previously down 2% to 3%)
- Adjusted Operating Margin: Revised to 12.4% to 12.5% (previously 12.6% to 12.7%)
- Adjusted EPS: Now projected to be between $11.70 and $11.90 (previously $12.00 to $12.30)
Capital Allocation and Shareholder Returns
During Q2 2024, Lowe’s repurchased 4.4 million shares for $1.0 billion and paid $629 million in dividends. The company continues to prioritize delivering long-term sustainable shareholder value through a disciplined capital program.
Operating Statistics
As of August 2, 2024, Lowe’s operated 1,746 stores, covering 194.9 million square feet of retail space. The company is committed to its Total Home strategy, aiming to gain market share as conditions improve.
Source: LOW
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