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home / news releases / lowe s companies inc low q1 2024 earnings call trans


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....

For further details see:

Lowe's Companies, Inc. (LOW) Q1 2024 Earnings Call Transcript
Stock Information

Company Name: Lowe's Companies Inc.
Stock Symbol: LOW
Market: NYSE

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