Lowe’s 2023 Sales Declined 11% YOY, Earnings Up 20%

February 28, 2024, from Floor Focus FloorDaily News

Mooresville, NC, February 28, 2024 – Lowe’s reported net sales for Q4 2023 were $18.6 billion, a 17% decline compared to sales of $22.4 billion in the prior year quarter. Prior-year quarterly sales included approximately $1.4 billion from the additional 53rd week, as well as $958 million generated from Lowe’s Canadian retail business.

Comparable sales for the Q4 2023 decreased 6.2% due to a slowdown in DIY demand and unfavorable January winter weather, while Pro customer comparable sales were flat for the quarter.

Net earnings for Q4 2023 were $1.0 billion, a 4% increase compared to earnings of $957 million in the prior year period.

For 2023, net sales were $86 billion, a 11% decline compared to sales of $97 billion in 2022.

Earnings for 2023 were $7.7 billion, an increase of 20% from $6.4 billion in 2022.

“This quarter we delivered strong operating profit and improved customer satisfaction, despite the continued pullback in DIY spending,” commented Marvin R. Ellison, Lowe’s chairman, president and CEO. “We remain confident in the long-term strength of the home improvement market, and we are making the right investments in our Total Home strategy to take share. We are also pleased to award $140 million in discretionary bonuses to our frontline associates in recognition of their exceptional customer service in 2023.”

As of February 2, 2024, Lowe’s operated 1,746 stores representing 194.9 million square feet of retail selling space.