Lowe's Companies reported second quarter fiscal 2024 net sales of $23.6 billion, down 5.5% from $25.0 billion in Q2 2023. Comparable sales decreased 5.1%, driven by a 5.9% decline in customer transactions, partially offset by a 0.8% increase in average ticket. Net earnings fell to $2.4 billion from $2.7 billion, with diluted earnings per share at $4.17 compared to $4.56 last year.The sales decline was attributed to continued softness in DIY demand and unfavorable weather impacting seasonal categories, though Pro customer and online sales showed positive growth. Despite sales pressure, the company maintained strong operating performance through disciplined expense management and Perpetual Productivity Improvement initiatives, which helped control costs in line with sales trends.Looking ahead, management remains confident in the medium to long-term drivers of their business, citing home price appreciation, disposable personal income, and aging housing stock as supportive factors. The company continues to invest in technology and innovation while maintaining $12.9 billion in share repurchase authorization. Cash and cash equivalents stood at $4.4 billion, with $4.0 billion available in revolving credit facilities.

Lowe's Companies reported second quarter fiscal 2024 net sales of $23.6 billion, down 5.5% from $25.0 billion in Q2 2023. Comparable sales decreased 5.1%, driven by a 5.9% decline in customer transactions, partially offset by a 0.8% increase in average ticket. Net earnings fell to $2.4 billion from $2.7 billion, with diluted earnings per share at $4.17 compared to $4.56 last year.The sales decline was attributed to continued softness in DIY demand and unfavorable weather impacting seasonal categories, though Pro customer and online sales showed positive growth. Despite sales pressure, the company maintained strong operating performance through disciplined expense management and Perpetual Productivity Improvement initiatives, which helped control costs in line with sales trends.Looking ahead, management remains confident in the medium to long-term drivers of their business, citing home price appreciation, disposable personal income, and aging housing stock as supportive factors. The company continues to invest in technology and innovation while maintaining $12.9 billion in share repurchase authorization. Cash and cash equivalents stood at $4.4 billion, with $4.0 billion available in revolving credit facilities.