Lowe's Q1 Sales Down 4% YOY, Earnings Decline 22%

Mooresville, NC, May 21, 2024-Lowe’s reported total sales for Q1 were $21.4 billion, a decline of 4% compared to $22.3 billion in the prior-year quarter. Comparable store sales for the quarter decreased 4.1% as the decline in DIY big ticket discretionary spending was partially offset by positive comparable sales in Pro and online.

For Q1, net earnings were $1.8 billion for Q1 2024, a 22% decline compared to net earnings of $2.3 billion in Q1 2023, which included a gain associated with the 2022 sale of the Canadian retail business. 

“We are pleased with our start to spring, driven by strong execution and enhanced customer service,” said Marvin R. Ellison, Lowe’s chairman, president and CEO. “This quarter we rolled out our new DIY loyalty program nationally, expanded same-day delivery options and took market share in key categories. We continue to gain momentum with our Total Home strategy, reflected in our growth in Pro and online.”

As of May 3, 2024, Lowe’s operated 1,746 stores representing 194.9 million square feet of retail selling space.