The company said net sales for the first quarter of fiscal 2024 declined 4.4% to $21.4 billion. Comparable sales fell 4.1%, the company explained, consisting of a 3.1% decrease in comparable customer transactions and a 1.0% decrease in comparable average ticket.

1. 01

   The company said net sales for the first quarter of fiscal 2024 declined 4.4% to $21.4 billion. Comparable sales fell 4.1%, the company explained, consisting of a 3.1% decrease in comparable customer transactions and a 1.0% decrease in comparable average ticket.

2. 02

   Lowe's said net earnings for the first quarter of fiscal 2024 were $1.8 billion, compared with $2.3 billion a year earlier. Diluted earnings per share were $3.06, versus $3.77 a year earlier. The prior-year results included pre-tax income of $63 million related to the sale of the Canadian retail business, or $0.10 per share.

3. 03

   The company said cash flow from operating activities was about $4.3 billion for the first three months of fiscal 2024, and that it used $382 million for capital expenditures. Over the same period, it repurchased $743 million of common stock and paid $633 million in dividends.

4. 04

   The company said its gross margin fell 49 basis points as a percentage of sales in the first quarter of fiscal Q1. It cited higher costs tied to supply chain investments, spring promotions, and a decline in credit revenue as factors, partly offset by lower transportation costs and other productivity initiatives. SG&A deleveraged 165 basis points as a percentage of sales, and the company attributed this to cycling a favorable legal settlement and a gain on contingent consideration from the sale of the Canadian retail business in the prior year, as well as fixed cost deleverage from lower sales.

Key figures

Quarter ended May 3, 2024

Revenue

$21.4B

Operating income

$2.7B

Net income

$1.8B

EPS

$3.06

Gross profit

$7.1B

Operating cash flow

$4.3B

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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