Lowe's reports second quarter 2023 sales and earnings results (2023)

— Comparable sales decreased by 1.6%; Diluted EPS onUS$ 4.56—

— Confirms outlook for the full year 2023 —

MOORESVILLE, N.C.,22. august 2023/PRNewswire/ -- Lowe's Companies, Inc . (NYSE: LOW) today reported net income of2.7 billion dollarsand diluted earnings per share (EPS) of4,56 USDfor the quarter ending in August. 4 December 2023, compared to diluted earnings per share on4,67 USDnot second quarter of 2022.

Total sales for the quarter were$25.0 billion¹. Comparable sales fell 1.6%², with strong spring recovery and growth in Pro and online sales partially offsetting lumber deflation and lower DIY demand.

"Our investments in our Total Home strategy continued to drive growth in Pro and online this quarter. And we're excited about our recent rollout of nationwide same-day delivery and the expansion of our rural merchandising footprint to nearly 300 stores," said Marvin R. … Ellison, Lowe's president, president and CEO. "Our ability to reduce costs while improving customer service is the result of our team's outstanding execution, and we remain confident in the medium- to long-term outlook for the home improvement industry. In recognition of the contributions of our frontline employees, we are rewarding more100 million dollarson discretionary and profit sharing bonuses to them this quarter. I would like to thank our frontline team for serving our customers and supporting our local community.”

The company confirms its expectations for the operating result for the whole of 2023.

Adjusted operating income, adjusted operating margin, adjusted taxable income and adjusted diluted EPS are non-GAAP financial measures that exclude the impact and timing of the gain associated with the 2022 sale of the Canadian retail business, recorded in the first quarter. The Company does not provide a reconciliation of non-GAAP estimates on a forward-looking basis when it is unable to provide a material or accurate calculation or estimate of reconciling items (which may be material) without undue effort, including the timing of adjustments in in connection with the sale of our Canadian retail business.

Outlook for the full year 2023 – a 52 week year (compared to the full year 2022 – a 53 week year)

• Total sales of approx.87 USD–89 billion dollars
• Comparable sales are expected to decline by -2% to -4% year-over-year
• Adjusted operating profit as a percentage of revenue (adjusted operating margin) from 13.4% to 13.6%
• Interest expense of approx.1.5 billion dollars
• Adjusted effective tax rate of approx. 25%
• Diluted earnings adjusted per stock13,20 USDto13,60 USD
• Capital expenditure of up to2 billion dollars

A conference call to discuss second quarter 2023 operating results is scheduled for today, Tuesday, August 1. 22 at 9 A.M. The conference call will be available via webcast and can be accessed by visiting Lowe's website at ir.lowes.com and clicking on Lowe's Q2 2023 Earnings Conference Call Webcast. Supplementary 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.

(NYSE: LOW) is a FORTUNE® 50 home improvement company serving approximately 17 million customer transactions per week inOS.With total sales in the financial year 2022 of more than97 billion dollars, to92 billion dollarsof sales were generated inOS., where Lowe's operates more than 1,700 home improvement stores and employs approximately 300,000 people. Based in Mooresville, N.C., Lowe's supports the communities it serves through programs focused on creating safe, affordable housing and helping develop the next generation of skilled trade professionals. For more information, visit Lowes.com.

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that include words such as "believes", "expects", "anticipates", "plans", "desires", "projects", "estimate", "intend", "will", "should", "could", "would", "may", "strategy", "potential", "possibility", "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, goals (including goals related to environmental, social and governance issues), business prospects, priorities, sales growth, stockholder value, capital expenditures, cash flows , real estate market, home improvement industry, demand for products and services, stock repurchases, Lowe's strategic initiatives, including those related to acquisitions and divestitures, and the impact of such transactions on our strategic and operating 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 by such statements.

A variety of potential risks, uncertainties and other factors could materially affect our ability to achieve the results expressed or implied in these forward-looking statements, including, but not limited to, changes in general economic conditions, such as volatility and/or illiquidity from time to another.OS.and in world financial markets and the resulting reduced availability and/or higher borrowing costs for Lowes and its customers, slower growth rates in real disposable income, which may affect the growth rate of consumer spending, inflation and their impact on discretionary spending and our costs, shortages and other disruptions in labor supply, interest rate and currency fluctuations, increases in housing prices or decreases in housing sales, age of fleet housing, availability of consumer credit and mortgage financing, changes in business policy or surcharges, outbreaks of pandemics, fluctuations in fuel and energy costs, inflation or deflation of commodity prices , natural disasters, armed conflicts, domestic acts of terrorism and international and other factors that may adversely affect our customers.

Investors and others should carefully consider the above factors and other uncertainties, risks and potential events, including, without limitation, those described under “Item 1A - Risk Factors” in our most recent Annual Report on Form 10-K, which may be updated. from time to time in Item 1A of 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 undertake no obligation to update these statements, except as required by law.

LAV AND

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FONTE Lowe's Companies, Inc.