Lowe’s Companies, Inc. has released its first quarter 2024 sales and earnings results, reporting a net earnings of $1.8 billion and diluted earnings per share (EPS) of $3.06 for the quarter ended May 3, 2024. This represents a decrease from the first quarter of 2023, where diluted EPS was $3.77, but it's important to note that this figure included a gain associated with the 2022 sale of the Canadian retail business. When excluding this gain, the adjusted diluted EPS for the first quarter of 2023 was $3.67.
Total sales for the first quarter of 2024 were $21.4 billion, compared to $22.3 billion in the prior-year quarter. Comparable sales for the quarter decreased by 4.1%, with the decline in DIY big ticket discretionary spending being partially offset by positive comparable sales in the professional and online segments.
Lowe’s Chairman, President, and CEO, Marvin R. Ellison, expressed satisfaction with the company's start to spring, attributing it to strong execution and enhanced customer service. He highlighted the roll-out of the new DIY loyalty program, expanded same-day delivery options, and market share gains in key categories. The company's total home strategy also showed momentum, reflected in its growth in the professional and online segments.
As of May 3, 2024, Lowe’s operated 1,746 stores representing 194.9 million square feet of retail selling space. During the quarter, the company repurchased approximately 3.0 million shares for $743 million and paid $633 million in dividends as part of its capital allocation program.
Looking ahead, Lowe’s is affirming its outlook for full year 2024, with total sales expected to be between $84 to $85 billion. Comparable sales are projected to decrease by -2% to -3% as compared to the prior year. The company also provided guidance for operating income as a percentage of sales, interest expense, effective income tax rate, and diluted EPS for the full year 2024.
Lowe’s Companies, Inc. is a Fortune® 50 home improvement company serving approximately 16 million customer transactions a week in the United States, with total fiscal year 2023 sales of more than $86 billion. The market has reacted to these announcements by moving the company's shares -2.6% to a price of $223.12. For more information, read the company's full 8-K submission here.
