LOW - Lowe's Companies Inc. (LOW) Q1 2024 Earnings Call Transcript
2024-05-21 13:02:05 ET
Lowe's Companies, Inc. (LOW)
Q1 2024 Results Conference Call
May 21, 2024 09:00 AM ET
Company Participants
Kate Pearlman - VP, IR & Treasurer
Marvin Ellison - Chairman & CEO
Bill Boltz - EVP, Merchandising
Joe McFarland - EVP, Stores
Brandon Sink - EVP & CFO
Conference Call Participants
Christian Carlino - JPMorgan
Steven Forbes - Guggenheim Securities
Simeon Gutman - Morgan Stanley
Michael Lasser - UBS
Greg Melich - Evercore ISI
Seth Sigman - Barclays
Peter Benedict - Baird
Jonathan Matuszewski - Jefferies
Presentation
Operator
Good morning, everyone. Welcome to Lowe's Companies First 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 2024.
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'll be discussing certain non-GAAP financial measures. A reconciliation of these items to U.S. GAAP can be found in 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 to everyone, and thank you for joining us today. First quarter sales were $21.4 billion with comparable sales down 4.1% from the same period last year. Despite the continued pressure in DIY bigger ticket discretionary spending across the industry, we delivered better-than-expected spring seasonal sales.
Overall, we performed well in a challenging home improvement environment as we adjusted our strategy to win the early spring customer and take share in key categories with data-driven marketing campaigns and our compelling seasonal assortment, which includes our industry-leading outdoor power equipment lineup strengthened by the launch of Toro....
Lowe's Companies, Inc. (LOW) Q1 2024 Earnings Call Transcript