A Look into Lowe's Q1 2024 Performance: Highlights and Future Outlook

Wednesday, 22 May 2024, 18:05

Lowe's (LOW) reported its Q1 2024 earnings, exceeding expectations despite year-over-year declines. Key highlights include better-than-expected results, Pro sales growth, and outlook for the full year. Although facing challenges in DIY sales, the company remains optimistic for the future with strategic investments and focus on Pro customers.
https://store.livarava.com/9fe9a011-1894-11ef-a3d2-9d5fa15a64d8.jpg
A Look into Lowe's Q1 2024 Performance: Highlights and Future Outlook

Lowe's (LOW) Q1 2024 Earnings Highlights

Shares of Lowe’s Companies Inc. (NYSE: LOW) were down over 1% on Wednesday. The stock has gained 9% over the past 12 months. The home improvement retailer reported its first quarter 2024 earnings results a day ago, which exceeded estimates despite declining from the year-ago period.

Better-than-expected results

  • Lowe’s total sales for Q1 2024 decreased 4% year-over-year to $21.4 billion. Net income fell 18% to $1.8 billion, or $3.06 per share, compared to last year. Despite the year-over-year declines, both the top and bottom line numbers surpassed projections.

DIY weakness, strength in Pro

  • In Q1, Lowe’s comparable sales declined 4.1%, mainly due to the continued weakness in DIY big ticket discretionary spending. DIY home improvement demand remains challenged by inflation, interest rate uncertainty, and customer preferences. However, Pro sales saw positive growth, driven by strategic investments and online sales.

Outlook: Lowe’s reaffirmed its full-year 2024 sales and EPS expectations, anticipating improvements in comp sales in the second half of the year. The company focuses on capturing market share in the Pro segment and overcoming DIY challenges through focused strategies.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


Related posts


Newsletter

Get the most reliable and up-to-date financial news with our curated selections. Subscribe to our newsletter for convenient access and enhance your analytical work effortlessly.

Subscribe