Mooresville, NC, August 20, 2024 – Lowe’s Q2 2024 sales declined by 5.1%, reaching $23.6 billion due to a significant drop in DIY spending and unfavorable weather conditions. The company reported diluted EPS of $4.17 and adjusted EPS of $4.10. Despite these challenges, Lowe’s sales performance was bolstered by growth in the Pro customer segment and a strong online presence, driven by its Total Home strategy. However, the DIY sales decline led Lowe’s to update its full-year outlook, now expecting total sales between $82.7 billion and $83.2 billion.
Marvin R. Ellison, Lowe’s Chairman, President, and CEO, highlighted the company’s strong operational performance amid challenging market conditions. He credited the Lowe’s Q2 2024 sales results to the successful execution of the Total Home strategy, particularly the growth in the Pro customer segment. Ellison stated, “Our long-term investments will position us to gain market share when conditions improve.”
In addition to its sales performance, Lowe’s Q2 2024 capital allocation strategy included the repurchase of approximately 4.4 million shares for $1.0 billion and the payment of $629 million in dividends. This disciplined approach reinforces the company’s commitment to shareholder value. As of August 2, 2024, Lowe’s operated 1,746 stores, spanning 194.9 million square feet of retail space.
Lowe’s Q2 2024 sales decline, influenced by lower DIY spending and macroeconomic pressures, prompted the company to adjust its full-year outlook. The revised forecast now projects total sales between $82.7 billion and $83.2 billion, down from previous estimates. Comparable sales are expected to decrease by 3.5% to 4.0%, while adjusted diluted EPS is anticipated to be between $11.70 and $11.90.
Looking forward, Lowe’s will continue to prioritize strategic initiatives such as expanding its Pro customer base and enhancing its omnichannel capabilities. The company remains committed to operational excellence, aiming to deliver long-term value to customers and shareholders in the evolving home improvement market.
