LOWES COMPANIES INC0000060667false00000606672024-02-272024-02-27

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 27, 2024
lowesgraphicimage01.jpg
LOWE’S COMPANIES, INC.
(Exact name of registrant as specified in its charter)
North Carolina1-789856-0578072
(State or other jurisdiction
of incorporation)		(Commission File
Number)		(IRS Employer
 Identification No.)
1000 Lowes Blvd., Mooresville, NC
28117
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code:
(704) 758-1000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.50 per shareLOWNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
☐Emerging growth company
☐If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.



Item 2.02    Results of Operations and Financial Condition.

On February 27, 2024, Lowe’s Companies, Inc. (the “Company”) issued a press release and related infographic, furnished as Exhibits 99.1 and 99.2, respectively, and incorporated herein by reference, announcing the Company’s financial results for its fourth quarter and year ended February 2, 2024.

The information provided pursuant to Item 2.02, including the exhibits attached hereto, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in any such filing.

Item 9.01    Financial Statements and Exhibits.

(d) Exhibits:


SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
LOWE’S COMPANIES, INC.
Date: February 27, 2024
By:/s/ Dan C. Griggs, Jr.
Name:Dan C. Griggs, Jr.
Title:Senior Vice President, Tax and Chief Accounting Officer



Exhibit 99.1
lowesgraphicimage01.jpg
February 27, 2024
For 6:00 a.m. ET Release

LOWE’S REPORTS FOURTH QUARTER 2023 SALES AND EARNINGS RESULTS
— Comparable Sales Decreased 6.2%; Diluted EPS of $1.77—
— Provides Full Year 2024 Outlook —

MOORESVILLE, N.C., Feb. 27, 2024 – Lowe’s Companies, Inc. (NYSE: LOW) today reported net earnings of $1.0 billion and diluted earnings per share (EPS) of $1.77 for the quarter ended Feb. 2, 2024, compared to diluted EPS of $1.58 in the fourth quarter of 2022, which included pre-tax transaction costs of $441 million associated with the sale of our Canadian retail business. Excluding the transaction costs in the prior year, fourth quarter 2022 adjusted diluted EPS1 was $2.28.

Total sales for the quarter were $18.6 billion,2 compared to $22.4 billion in the prior year quarter. Prior-year quarterly sales included approximately $1.4 billion from the additional 53rd week, as well as $958 million generated from our Canadian retail business.

Comparable sales3 for the quarter decreased 6.2% due to a slowdown in DIY demand and unfavorable January winter weather, while Pro customer comparable sales were flat for the quarter.

“This quarter we delivered strong operating profit and improved customer satisfaction, despite the continued pullback in DIY spending,” commented Marvin R. Ellison, Lowe's chairman, president and CEO. “We remain confident in the long-term strength of the home improvement market, and we are making the right investments in our Total Home strategy to take share. We are also pleased to award $140 million in discretionary bonuses to our frontline associates in recognition of their exceptional customer service in 2023.”

As of Feb. 2, 2024, Lowe's operated 1,746 stores representing 194.9 million square feet of retail selling space.

Capital Allocation
The company remains committed to a best-in-class capital allocation strategy focused on driving long-term, sustainable shareholder value. During the quarter, the company repurchased approximately 1.9 million shares for $404 million, and it repurchased 29.9 million shares for $6.3 billion for the year.

The company also paid $633 million in dividends in the fourth quarter and $2.5 billion in dividends for the year. In total, the company returned $8.9 billion to shareholders through share repurchases and dividends in fiscal 2023.












1 Adjusted diluted earnings per share is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures Reconciliation” section of this release for additional information, as well as reconciliations between the Company’s GAAP and non-GAAP financial results.
2 Total fourth quarter sales includes an approximately $200 million headwind related to a timing shift in our fiscal calendar as we cycle over a 53-week year.
3 Comparable sales are based on comparison to weeks 41-53 in 2022.



Lowe’s Business Outlook

The company is introducing its outlook for full year 2024, which reflects near-term macroeconomic uncertainty.

Full Year 2024 Outlook
•Total sales of $84 to $85 billion
•Comparable sales expected to be down -2 to -3% as compared to prior year
•Operating income as a percentage of sales (operating margin) of 12.6% to 12.7%
•Interest expense of approximately $1.4 billion
•Effective income tax rate of approximately 25%
•Diluted earnings per share of approximately $12.00 to $12.30
•Capital expenditures of approximately $2 billion

A conference call to discuss fourth quarter 2023 operating results is scheduled for today, Tuesday, Feb. 27, at 9 a.m. ET. The conference call will be available by webcast and can be accessed by visiting Lowe’s website at ir.lowes.com and clicking on Lowe’s Fourth Quarter 2023 Earnings Conference Call Webcast. Supplemental slides will be available approximately 15 minutes prior to the start of the conference call. A replay of the call will be archived at ir.lowes.com.

Lowe’s Companies, Inc.

Lowe’s Companies, Inc. (NYSE: LOW) 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, Lowe’s operates over 1,700 home improvement stores and employs approximately 300,000 associates. Based in Mooresville, N.C., Lowe’s supports the communities it serves through programs focused on creating safe, affordable housing and helping to develop the next generation of skilled trade experts. For more information, visit Lowes.com.

















Disclosure Regarding Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements including words such as “believe”, “expect”, “anticipate”, “plan”, “desire”, “project”, “estimate”, “intend”, “will”, “should”, “could”, “would”, “may”, “strategy”, “potential”, “opportunity”, “outlook”, “scenario”, “guidance”, and similar expressions are forward-looking statements. Forward-looking statements involve, among other things, expectations, projections, and assumptions about future financial and operating results, objectives (including objectives related to environmental, social, and governance matters), business outlook, priorities, sales growth, shareholder value, capital expenditures, cash flows, the housing market, the home improvement industry, demand for products and services including customer acceptance of new offerings and initiatives, share repurchases, Lowe’s strategic initiatives, including those relating to acquisitions and dispositions and the impact of such transactions on our strategic and operational plans and financial results. Such statements involve risks and uncertainties, and we can give no assurance that they will prove to be correct. Actual results may differ materially from those expressed or implied in such statements.

A wide variety of potential risks, uncertainties, and other factors could materially affect our ability to achieve the results either expressed or implied by these forward-looking statements including, but not limited to, changes in general economic conditions, such as volatility and/or lack of liquidity from time to time in U.S. and world financial markets and the consequent reduced availability and/or higher cost of borrowing to Lowe’s and its customers, slower rates of growth in real disposable personal income that could affect the rate of growth in consumer spending, inflation and its impacts on discretionary spending and on our costs, shortages, and other disruptions in the labor supply, interest rate and currency fluctuations, home price appreciation or decreasing housing turnover, age of housing stock, the availability of consumer credit and of mortgage financing, trade policy changes or additional tariffs, outbreaks of pandemics, fluctuations in fuel and energy costs, inflation or deflation of commodity prices, natural disasters, armed conflicts, acts of both domestic and international terrorism, and other factors that can negatively affect our customers.

Investors and others should carefully consider the foregoing factors and other uncertainties, risks and potential events including, but not limited to, those described in “Item 1A - Risk Factors” in our most recent Annual Report on Form 10-K and as may be updated from time to time in Item 1A in our quarterly reports on Form 10-Q or other subsequent filings with the SEC. All such forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update these statements other than as required by law.

LOW-IR
    
###

Contacts:Shareholder/Analyst Inquiries:Media Inquiries:
Kate PearlmanSteve Salazar
704-775-3856steve.j.salazar@lowes.com
kate.pearlman@lowes.com






Lowe’s Companies, Inc.
Consolidated Statements of Current Earnings and Accumulated Deficit (Unaudited)
In Millions, Except Per Share and Percentage Data
Three Months EndedFiscal Year Ended
February 2, 2024February 3, 2023February 2, 2024February 3, 2023
Current EarningsAmount% SalesAmount% SalesAmount% SalesAmount% Sales
Net sales$18,602 100.00 $22,445 100.00 $86,377 100.00 $97,059 100.00 
Cost of sales12,576 67.60 15,189 67.67 57,533 66.61 64,802 66.77 
Gross margin6,026 32.40 7,256 32.33 28,844 33.39 32,257 33.23 
Expenses:
Selling, general and administrative3,897 20.95 5,131 22.86 15,570 18.02 20,332 20.94 
Depreciation and amortization442 2.38 421 1.88 1,717 1.99 1,766 1.82 
Operating income1,687 9.07 1,704 7.59 11,557 13.38 10,159 10.47 
Interest – net348 1.87 322 1.43 1,382 1.60 1,123 1.16 
Pre-tax earnings1,339 7.20 1,382 6.16 10,175 11.78 9,036 9.31 
Income tax provision 319 1.72 425 1.90 2,449 2.83 2,599 2.68 
Net earnings$1,020 5.48 $957 4.26 $7,726 8.95 $6,437 6.63 
Weighted average common shares outstanding – basic
574 603 582 629 
Basic earnings per common share (1)
$1.77 $1.58 $13.23 $10.20 
Weighted average common shares outstanding – diluted
575 605 584 631 
Diluted earnings per common share (1)
$1.77 $1.58 $13.20 $10.17 
Cash dividends per share
$1.10 $1.05 $4.35 $3.95 
Accumulated Deficit
Balance at beginning of period$(15,744)$(13,313)$(14,862)$(5,115)
Net earnings1,020 957 7,726 6,437 
Cash dividends declared(633)(633)(2,531)(2,466)
Share repurchases(280)(1,873)(5,970)(13,718)
Balance at end of period$(15,637)$(14,862)$(15,637)$(14,862)
(1)    Under the two-class method, earnings per share is calculated using net earnings allocable to common shares, which is derived by reducing net earnings by the earnings allocable to participating securities. Net earnings allocable to common shares used in the basic and diluted earnings per share calculation were $1,017 million for the three months ended February 2, 2024, and $954 million for the three months ended February 3, 2023. Net earnings allocable to common shares used in the basic and diluted earnings per share calculation were $7,706 million for the fiscal year ended February 2, 2024, and $6,416 million for the fiscal year ended February 3, 2023.

Lowe’s Companies, Inc.
Consolidated Statements of Comprehensive Income (Unaudited)
In Millions, Except Percentage Data
 Three Months EndedFiscal Year Ended
 February 2, 2024February 3, 2023February 2, 2024February 3, 2023
 Amount% SalesAmount% SalesAmount% SalesAmount% Sales
Net earnings$1,020 5.48 $957 4.26 $7,726 8.95 $6,437 6.63 
Foreign currency translation adjustments – net of tax
— — 209 0.93 5 0.01 36 0.04 
Cash flow hedges – net of tax(4)(0.02)(43)(0.19)(14)(0.02)309 0.32 
Other
2 0.01 2 0.01 2 — (2)— 
Other comprehensive (loss)/income(2)(0.01)168 0.75 (7)(0.01)343 0.36 
Comprehensive income$1,018 5.47 $1,125 5.01 $7,719 8.94 $6,780 6.99 




Lowe’s Companies, Inc.
Consolidated Balance Sheets (Unaudited)
In Millions, Except Par Value Data
February 2, 2024February 3, 2023
Assets
Current assets:
Cash and cash equivalents$921 $1,348 
Short-term investments 307 384 
Merchandise inventory – net16,894 18,532 
Other current assets949 1,178 
Total current assets19,071 21,442 
Property, less accumulated depreciation17,653 17,567 
Operating lease right-of-use assets3,733 3,518 
Long-term investments 252 121 
Deferred income taxes – net248 250 
Other assets838 810 
Total assets$41,795 $43,708 
Liabilities and shareholders' deficit
Current liabilities:
Short-term borrowings$— $499 
Current maturities of long-term debt537 585 
Current operating lease liabilities487 522 
Accounts payable8,704 10,524 
Accrued compensation and employee benefits 954 1,109 
Deferred revenue1,408 1,603 
Income taxes payable33 1,181 
Other current liabilities3,445 3,488 
Total current liabilities15,568 19,511 
Long-term debt, excluding current maturities 35,384 32,876 
Noncurrent operating lease liabilities3,737 3,512 
Deferred revenue – Lowe's protection plans1,225 1,201 
Other liabilities 931 862 
Total liabilities56,845 57,962 
Shareholders' deficit:
Preferred stock, $5 par value: Authorized – 5.0 million shares; Issued and outstanding – none— — 
Common stock, $0.50 par value: Authorized – 5.6 billion shares; Issued and outstanding – 574 million and 601 million, respectively287 301 
Accumulated deficit(15,637)(14,862)
Accumulated other comprehensive income300 307 
Total shareholders' deficit(15,050)(14,254)
Total liabilities and shareholders' deficit$41,795 $43,708 
  




Lowe’s Companies, Inc.
Consolidated Statements of Cash Flows (Unaudited)
In Millions
Fiscal Year Ended
February 2, 2024February 3, 2023
Cash flows from operating activities:
Net earnings$7,726 $6,437 
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization1,923 1,981 
Noncash lease expense499 530 
Deferred income taxes6 (239)
Asset impairment and loss on property – net83 2,118 
(Gain)/loss on sale of business(79)421 
Share-based payment expense210 223 
Changes in operating assets and liabilities:
Merchandise inventory – net1,637 (2,594)
Other operating assets182 56 
Accounts payable (1,820)(549)
Deferred revenue(170)(183)
Other operating liabilities(2,057)388 
Net cash provided by operating activities8,140 8,589 
Cash flows from investing activities:
Purchases of investments(1,785)(1,189)
Proceeds from sale/maturity of investments1,722 1,174 
Capital expenditures(1,964)(1,829)
Proceeds from sale of property and other long-term assets53 45 
Proceeds from sale of business100 491 
Other – net(27)(1)
Net cash used in investing activities(1,901)(1,309)
Cash flows from financing activities:  
Net change in commercial paper(499)499 
Net proceeds from issuance of debt2,983 9,667 
Repayment of debt(601)(867)
Proceeds from issuance of common stock under share-based payment plans141 151 
Cash dividend payments(2,531)(2,370)
Repurchases of common stock(6,138)(14,124)
Other – net(21)(5)
Net cash used in financing activities(6,666)(7,049)
Effect of exchange rate changes on cash— (16)
Net (decrease)/increase in cash and cash equivalents(427)215 
Cash and cash equivalents, beginning of period1,348 1,133 
Cash and cash equivalents, end of period$921 $1,348 



Lowe’s Companies, Inc.
Non-GAAP Financial Measure Reconciliation (Unaudited)

To provide additional transparency, the Company has presented a comparison to the non-GAAP financial measure of adjusted diluted earnings per share for the three months ended February 3, 2023. This measure excludes the impact of a certain item, further described below, not contemplated in Lowe’s Business Outlook to assist analysts and investors in understanding the comparison of operational performance to the fourth quarter of fiscal 2022.

Fiscal 2022 Impacts
During fiscal 2022, the Company recognized financial impacts from the following, not contemplated in the Company's Business Outlook for fiscal 2022:

•In the fourth quarter of fiscal 2022, the Company recognized pre-tax transaction costs totaling $441 million, consisting of the loss on the sale and other closing costs associated with the sale of the Canadian retail business (Canadian retail business transaction).

Adjusted diluted earnings per share should not be considered an alternative to, or more meaningful indicator of, the Company’s diluted earnings per share as prepared in accordance with GAAP. The Company’s methods of determining non-GAAP financial measures may differ from the method used by other companies and may not be comparable.

A reconciliation between the Company’s GAAP and non-GAAP financial results is shown below and available on the Company’s website at ir.lowes.com.

Three Months Ended
February 3, 2023
Pre-Tax Earnings
Tax1
Net Earnings
Diluted earnings per share, as reported$1.58 
Non-GAAP adjustments – per share impacts
Canadian retail business transaction0.73 (0.03)0.70 
Adjusted diluted earnings per share$2.28 
1 Represents the corresponding tax benefit or expense specifically related to the item excluded from adjusted diluted earnings per share.

Financial Highlights Comparable Sales Summary Product Category Performance Comp above company average in 7 of 14 product categories "We delivered strong operating profit and improved customer satisfaction despite the continued pullback in DIY spending. We remain confident in the long-term strength of the home improvement market, and we are making the right investments in our Total Home strategy to take share.” – Marvin R. Ellison, Chairman & CEO Q4 2023 RESULTS -4.8 -6.6 -7.4 -3.1 -0.2 +1.4 NOV DEC JAN 2023 2022 U.S. Monthly Comp Performance Comp Sales by Ticket Size Launched first-of-its-kind DIY loyalty program -6.2% COMP SALES Note: Comparable sales are calculated based on comparison to weeks 41-53 in fiscal 2022. 1. Adjusted Operating Margin and Adjusted Diluted EPS are non-GAAP financial measures. Refer to Lowes.com/investor for a reconciliation of non-GAAP measures. We returned $1.0 BILLION to our shareholders through dividends and share repurchases 32.4% GROSS MARGIN +7 basis points $1.77 DILUTED EPS +12% vs. LY -22% vs LY Adjusted Diluted EPS1 Completed rollout of enhanced Paint department Flat Pro comp sales Investments in the Pro offset industry-wide pressure 9.1% OPERATING MARGIN +148 basis points vs. LY -48 basis points vs. LY Adjusted Operating Margin1 Q4 Total Home Strategy Updates COMP TRANSACTIONS COMP $100.45 AVERAGE TICKET ONLINE SALES DECLINE -6.1% -0.1% -0.2% -4.5% -7.2% -8.8%>$500 $100-$500 <$100 6 of 15 Regions Delivered Comp Growth Above Company Average BUILDING MATERIALS HARDWARE LAWN & GARDEN PAINT ROUGH PLUMBING MILLWORK LUMBER Exhibit 99.2

 
Product Category Performance Positive Pro comp sales despite Lumber pressure Successful launch of the rural merchandising framework now at 300+ stores Fortune’s 2024 Most Admired Companies Expanded national brand offerings WE RETURNED $8.9 BILLION to our shareholders through dividends and share repurchases 33.4% GROSS MARGIN +16 basis points COMP SALES $13.20 DILUTED EPS +30% 13.4% OPERATING MARGIN +291 basis points Financial Highlights COMP TRANSACTIONS COMP $101.58 AVERAGE TICKET -4.6% -0.1% +2.3% FY 2023 RESULTS -4.7% 5 years in a row Total Home Strategy Updates BUILDING MATERIALS HARDWARE LAWN & GARDEN PAINT ROUGH PLUMBING 13.3% ADJUSTED OPERATING MARGIN1 +26 basis points $13.09 ADJUSTED DILUTED EPS1 -5% Note: Comparable sales are calculated based on comparison to weeks 2-53 in fiscal 2022 1. Adjusted Operating Margin and Adjusted Diluted EPS are non-GAAP financial measures. Refer to Lowes.com/investor for a reconciliation of non-GAAP measures. 7 of 15 Regions Delivered Comp Growth Above Company Average MILLWORK TOOLS Comp above company average in 7 of 14 product categories ONLINE SALES GROWTH Comparable Sales Summary

 
Total Home Strategy Providing a full complement of products and services for Pros and Consumers alike, enabling a Total Home solution for every need in the home Market Share Acceleration Drive Pro penetration Accelerate online business Expand installation services Drive localization Elevate assortment

 
Q4 and Fiscal 2023 Reconciliation of Non-GAAP Measures Management of Lowe's Companies, Inc. (the Company) uses certain non-GAAP financial measures to provide additional insight for analysts and investors in evaluating the Company's financial and operating performance. These non-GAAP financial measures should not be considered alternatives to, or more meaningful indicators of, the Company's financial measures as prepared in accordance with GAAP. The Company's methods of determining these non-GAAP financial measures may differ from the methods used by other companies and may not be comparable. The Company has provided the following non-GAAP financial measures to assist the user in comparing its operating performance for the three months and fiscal year ended February 2, 2024, with the respective periods ended February 3, 2023: adjusted operating income, adjusted operating margin, and adjusted diluted earnings per share. These measures exclude the impacts of a certain item, further described below, not contemplated in Lowe's Business Outlook. Fiscal 2023 Impacts During fiscal 2023, the Company recognized financial impacts from the following, not contemplated in the Company's Business Outlook for fiscal 2023: • In the first quarter of fiscal 2023, the Company recognized pre-tax income of $63 million consisting of a realized gain on the contingent consideration and estimated adjustments to the selling price associated with the fiscal 2022 sale of the Canadian retail business (Canadian retail business transaction). Fiscal 2022 Impacts During fiscal 2022, the Company recognized financial impacts from the following, not contemplated in the Company's Business Outlook for fiscal 2022: • In the third quarter of fiscal 2022, the Company recognized a pre-tax $2.1 billion long-lived asset impairment of the Canadian retail business. In the fourth quarter of fiscal 2022, the Company recognized additional pre-tax costs totaling $441 million, consisting of the loss on the sale and other closing costs associated with the sale of the Canadian retail business (Canadian retail business transaction). The following provides a reconciliation of the Company's non-GAAP financial measures to the most directly comparable GAAP financial measures: Three Months Ended Years Ended Adjusted Operating Income (in millions, except percentage data) February 3, 2023 February 2, 2024 February 3, 2023 Operating Income, As Reported $ 1,704 $ 11,557 $ 10,159 Canadian retail business transaction 441 (63) 2,501 Adjusted Operating Income $ 2,145 $ 11,494 $ 12,660 Operating Margin, % of Sales, As Reported 7.59 % 13.38 % 10.47 % Adjusted Operating Margin, % of Sales 9.55 % 13.31 % 13.04 % Three Months Ended February 3, 2023 Adjusted Diluted Earnings Per Share Pre-Tax Earnings Tax 1 Net Earnings Diluted Earnings Per Share, As Reported $ 1.58 Canadian retail business transaction 0.73 (0.03) 0.70 Adjusted Diluted Earnings Per Share $ 2.28 1 Represents the corresponding tax benefit or expense specifically related to the item excluded from adjusted diluted earnings per share.

 
Years Ended February 2, 2024 February 3, 2023 Adjusted Diluted Earnings Per Share Pre-Tax Earnings Tax 1 Net Earnings Pre-Tax Earnings Tax 1 Net Earnings Diluted Earnings Per Share, As Reported $ 13.20 $ 10.17 Canadian retail business transaction (0.11) — (0.11) 3.95 (0.31) 3.64 Adjusted Diluted Earnings Per Share $ 13.09 $ 13.81 1 Represents the corresponding tax benefit or expense specifically related to the item excluded from adjusted diluted earnings per share.

 
Forward-Looking Statements This presentation includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements including words such as “believe”, “expect”, “anticipate”, “plan”, “desire”, “project”, “estimate”, “intend”, “will”, “should”, “could”, “would”, “may”, “strategy”, “potential”, “opportunity”, “outlook”, “scenario”, “guidance”, and similar expressions are forward-looking statements. Forward-looking statements involve, among other things, expectations, projections, and assumptions about future financial and operating results, objectives (including objectives related to environmental, social, and governance matters), business outlook, priorities, sales growth, shareholder value, capital expenditures, cash flows, the housing market, the home improvement industry, demand for products and services including customer acceptance of new offerings and initiatives, share repurchases, Lowe’s strategic initiatives, including those relating to acquisitions and dispositions and the impact of such transactions on our strategic and operational plans and financial results. Such statements involve risks and uncertainties, and we can give no assurance that they will prove to be correct. Actual results may differ materially from those expressed or implied in such statements. A wide variety of potential risks, uncertainties, and other factors could materially affect our ability to achieve the results either expressed or implied by these forward-looking statements including, but not limited to, changes in general economic conditions, such as volatility and/or lack of liquidity from time to time in U.S. and world financial markets and the consequent reduced availability and/or higher cost of borrowing to Lowe’s and its customers, slower rates of growth in real disposable personal income that could affect the rate of growth in consumer spending, inflation and its impacts on discretionary spending and on our costs, shortages, and other disruptions in the labor supply, interest rate and currency fluctuations, home price appreciation or decreasing housing turnover, age of housing stock, the availability of consumer credit and of mortgage financing, trade policy changes or additional tariffs, outbreaks of pandemics, fluctuations in fuel and energy costs, inflation or deflation of commodity prices, natural disasters, armed conflicts, acts of both domestic and international terrorism, and other factors that can negatively affect our customers. Investors and others should carefully consider the foregoing factors and other uncertainties, risks and potential events including, but not limited to, those described in “Item 1A - Risk Factors” in our most recent Annual Report on Form 10-K and as may be updated from time to time in Item 1A in our quarterly reports on Form 10-Q or other subsequent filings with the SEC. All such forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update these statements other than as required by law.

 
v3.24.0.1
Cover Page
Feb. 27, 2024
Cover [Abstract]  
Document Type 8-K
Entity Registrant Name LOWES COMPANIES INC
Entity Incorporation, State or Country Code NC
Entity File Number 1-7898
Entity Tax Identification Number 56-0578072
Entity Address, Address Line One 1000 Lowes Blvd.
Entity Address, City or Town Mooresville
Entity Address, State or Province NC
City Area Code 704
Entity Address, Postal Zip Code 28117
Local Phone Number 758-1000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, par value $0.50 per share
Trading Symbol LOW
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0000060667
Amendment Flag false
Document Period End Date Feb. 27, 2024
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