Summary by Moomoo AI
Lowe's reported Q2 2024 net earnings of $2.4B and diluted EPS of $4.17, down from $4.56 in Q2 2023. Adjusted EPS was $4.10, excluding a $43M gain from the Canadian retail business sale. Total sales decreased to $23.6B from $25.0B, with comparable sales down 5.1% YoY due to pressure on DIY discretionary spending and unfavorable weather impacting seasonal categories.The company updated its full-year 2024 outlook, lowering expectations due to weaker DIY sales and macroeconomic pressures. Lowe's now projects total sales of $82.7B to $83.2B, comparable sales decline of 3.5% to 4.0%, and adjusted diluted EPS of $11.70 to $11.90.Despite challenges, Lowe's reported positive comparable sales with Pro customers and online. The company continues to focus on its Total Home strategy and long-term investments to gain market share. During Q2, Lowe's repurchased 4.4M shares for $1.0B and paid $629M in dividends.
