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Lowe’s reports net income of $1.8 billion for Q1 FY24

Posted on by darion

As of May 3, 2024, Lowe’s operated 1,746 stores. Source: Jonathan Weiss via Shutterstock.com.

US home furnishings retailer Lowe’s reported a decline in net profits in the first quarter of fiscal 2024 (Q1FY24), with the amounts falling to $1.75 billion from $2.26 billion in Q1FY23.

The company’s diluted earnings per share (EPS) also saw a decline at $3.06 compared to $3.77 in Q1FY23.

Lowe’s reported pre-tax profit for the first quarter of FY24 was $2.30 billion, down from $2.93 billion in the same quarter last year.

Total sales for the period ending May 3, 2024 reached $21.36 billion, down 4.4% from $22.34 billion in the first quarter of 2023.

The company’s comparable sales for the quarter declined 4.1%, with declines in large home improvement discretionary spending partially offset by positive comparable sales in the professional and online sectors.

Lowe’s also saw a decline in operating revenue, which fell to $2.65 billion in Q1FY24 from $3.28 billion in Q1FY23.

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Looking ahead to full-year 2024, the company pegged its total sales expectations at $84 billion to $85 billion, with comparable sales forecast to decline 2% to 3% from the prior year.

It expects diluted EPS to be around $12.00-$12.30.

Lowe’s Chairman, President and CEO Marvin Ellison said: “This quarter, we rolled out our new DIY loyalty program nationwide, expanded same-day delivery options and increased market share in key categories.

“We continue to gain momentum with our Total Home strategy, which is reflected in our growth in the professional and online industries. I would like to thank our frontline colleagues for their hard work, commitment to customers and disciplined focus on productivity.”

Lowe’s ended the quarter with 1,746 stores totaling 194.9 million square feet of retail space.