Lowe's Companies (LOW) Q4 2024 Earnings Call Transcript

For the period ending December 31, 2024

February 26, 2025 9:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good morning everyone. Welcome to Lowe’s Companies’ fourth quarter 2024 earnings conference call. My name is Rob and I’ll be your Operator for today’s call.

As a reminder, this conference is being recorded.

I’ll now turn the call over to Kate Pearlman, Vice President of Investor Relations and Treasurer.

Kate Pearlman

Thank you and good morning. Here with me today are Marvin Ellison, Chairman and Chief Executive Officer; Bill Boltz, our Executive Vice President, Merchandising; Joe McFarland, our Executive Vice President, Stores; and Brandon Sink, our Executive Vice President and Chief Financial Officer.

I would like to remind you that our notice regarding forward-looking statements is included in our press release this morning, which can be found on Lowe’s Investor Relations website. During this call, we will be making comments that are forward-looking, including our expectations for fiscal 2025. Actual results may differ materially from those expressed or implied as a result of various risks, uncertainties and important factors, including those discussed in the Risk Factors, MD&A and other sections of our annual report on Form 10-K and our other SEC filings.

Additionally, we will be discussing certain non-GAAP financial measures. A reconciliation of these items to U.S. GAAP can be found on the quarterly earnings section of our Investor Relations website.

Now I’ll turn the call over to Marvin.

Marvin Ellison

Thank you Kate and good morning everyone, and thank you for joining us today.

In the fourth quarter, we delivered sales of $18.6 billion and positive comparable sales of 0.2%. Looking at the full fiscal year 2024, we delivered sales of $83 billion, adjusted operating margin of 12.3%, and adjusted earnings per share of $11.99. We are very pleased with our performance in 2024 in a very difficult home improvement macro environment, and we were also pleased to deliver positive comparable sales this quarter with results that exceeded our expectations and were driven by continued momentum in pro and online, strong seasonal DIY performance, and rebuilding efforts in the wake of recent hurricanes.

Despite these better than expected fourth quarter results, we’re still seeing a cautious consumer leading to continued near term pressure on DIY discretionary spending, particularly in bigger ticket projects. With this challenging backdrop, we remain focused on delivering strong operating performance while continuing to make the right long term investments for growth.