Summary by Moomoo AI
Lowe's Companies reported fiscal 2024 net sales of $83.7 billion, down 3.1% from fiscal 2023, with comparable sales declining 2.7%. The decrease was driven by a 3.0% drop in comparable customer transactions, partially offset by a 0.3% increase in average ticket. Net earnings decreased 10.0% to $7.0 billion, with diluted earnings per share falling 7.4% to $12.23.The company demonstrated resilience in its Pro customer segment, achieving positive comparable sales growth and increased Pro penetration despite macroeconomic headwinds from inflation and higher interest rates impacting DIY discretionary spending. Strong online performance validated investments in digital capabilities, including enhanced same-day delivery options and improved Buy Online Pickup in Store experience.Management remains focused on executing its Total Home strategy while driving productivity and managing costs. The company continued its commitment to shareholder returns, repurchasing $3.9 billion of common stock and paying $2.6 billion in dividends during the year. Operating cash flow strengthened to $9.6 billion, with $1.9 billion allocated to capital expenditures to support strategic growth initiatives.
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