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1、1 Total second quarter sales includes an approximately$335 million headwind related to a timing shift in our fiscal calendar as we cycle over a 53-week year.2 Comparable sales are based on comparison to weeks 15-27 in 2022.August 22,2023 For 6:00 a.m.ET Release LOWES REPORTS SECOND QUARTER 2023 SALE

2、S AND EARNINGS RESULTS Comparable Sales Decreased 1.6%;Diluted EPS of$4.56 Affirms Full Year 2023 Outlook MOORESVILLE,N.C.,Aug.22,2023 Lowes Companies,Inc.(NYSE:LOW)today reported net earnings of$2.7 billion and diluted earnings per share(EPS)of$4.56 for the quarter ended Aug.4,2023,compared to dilu

3、ted EPS of$4.67 in the second quarter of 2022.Total sales for the quarter were$25.0 billion1.Comparable sales decreased 1.6%2,with strong spring recovery and Pro and online sales growth,partially offsetting lumber deflation and lower DIY discretionary demand.“Our investments in our Total Home strate

4、gy continued to drive growth across Pro and online this quarter.And we are excited by our recent launch of same-day delivery nationwide and the expansion of our rural merchandising framework to roughly 300 stores,”said Marvin R.Ellison,Lowes chairman,president and CEO.“Our ability to reduce expenses

5、 while improving customer service is the result of excellent execution by our team,and we remain confident in the mid-to long-term outlook for the home improvement industry.In recognition of the contributions of our front-line associates,we are awarding over$100 million in discretionary and profit-s

6、haring bonuses to them this quarter.I would like to thank our front-line team for serving our customers and supporting our communities.”Capital Allocation With a disciplined focus on its leading capital allocation program,the company continues to generate long-term shareholder value.During the quart

7、er,the company repurchased approximately 10.1 million shares for$2.2 billion,and it paid$624 million in dividends.Lowes Business Outlook The company is affirming its outlook for the operating results of full year 2023.Adjusted operating income,adjusted operating margin,adjusted effective income tax

8、and adjusted diluted EPS are non-GAAP financial measures that exclude the impact and timing of the gain associated with the 2022 sale of the Canadian retail business,recorded in the first quarter.The company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis where it

9、 is unable to provide a meaningful or accurate calculation or estimation of reconciling items(which may be significant)without unreasonable effort,including timing of adjustments associated with the sale of our Canadian retail business.Full Year 2023 Outlook a 52-week Year(comparisons to full year 2

10、022 a 53-week year)Total sales of approximately$87$89 billion Comparable sales expected to be down-2%to-4%as compared to prior year Adjusted operating income as a percentage of sales(adjusted operating margin)of 13.4%to 13.6%Interest expense of approximately$1.5 billion Adjusted effective income tax

11、 rate of approximately 25%Adjusted diluted earnings per share of$13.20 to$13.60 Capital expenditures of up to$2 billion A conference call to discuss second quarter 2023 operating results is scheduled for today,Tuesday,Aug.22,at 9 a.m.ET.The conference call will be available by webcast and can be acc

12、essed by visiting Lowes website at and clicking on Lowes Second Quarter 2023 Earnings Conference Call Webcast.Supplemental slides will be available approximately 15 minutes prior to the start of the conference call.A replay of the call will be archived at .Lowes Companies,Inc.Lowes Companies,Inc.(NY

13、SE:LOW)is a FORTUNE 50 home improvement company serving approximately 17 million customer transactions a week in the U.S.With total fiscal year 2022 sales of over$97 billion,approximately$92 billion of sales were generated in the U.S.,where Lowes operates over 1,700 home improvement stores and emplo

14、ys approximately 300,000 associates.Based in Mooresville,N.C.,Lowes supports the communities it serves through programs focused on creating safe,affordable housing and helping to develop the next generation of skilled trade experts.For more information,visit L.Disclosure Regarding Forward-Looking St

15、atements This press release includes“forward-looking statements”within the meaning of the Private Securities Litigation Reform Act of 1995.Statements including words such as“believe”,“expect”,“anticipate”,“plan”,“desire”,“project”,“estimate”,“intend”,“will”,“should”,“could”,“would”,“may”,“strategy”,

16、“potential”,“opportunity”,“outlook”,“scenario”,“guidance”,and similar expressions are forward-looking statements.Forward-looking statements involve,among other things,expectations,projections,and assumptions about future financial and operating results,objectives(including objectives related to envi

17、ronmental,social,and governance matters),business outlook,priorities,sales growth,shareholder value,capital expenditures,cash flows,the housing market,the home improvement industry,demand for products and services,share repurchases,Lowes strategic initiatives,including those relating to acquisitions

18、 and dispositions and the impact of such transactions on our strategic and operational plans and financial results.Such statements involve risks and uncertainties,and we can give no assurance that they will prove to be correct.Actual results may differ materially from those expressed or implied in s

19、uch statements.A wide variety of potential risks,uncertainties,and other factors could materially affect our ability to achieve the results either expressed or implied by these forward-looking statements including,but not limited to,changes in general economic conditions,such as volatility and/or la

20、ck of liquidity from time to time in U.S.and world financial markets and the consequent reduced availability and/or higher cost of borrowing to Lowes and its customers,slower rates of growth in real disposable personal income that could affect the rate of growth in consumer spending,inflation and it

21、s impacts on discretionary spending and on our costs,shortages,and other disruptions in the labor supply,interest rate and currency fluctuations,home price appreciation or decreasing housing turnover,age of housing stock,the availability of consumer credit and of mortgage financing,trade policy chan

22、ges or additional tariffs,outbreaks of pandemics,fluctuations in fuel and energy costs,inflation or deflation of commodity prices,natural disasters,armed conflicts,acts of both domestic and international terrorism,and other factors that can negatively affect our customers.Investors and others should

23、 carefully consider the foregoing factors and other uncertainties,risks and potential events including,but not limited to,those described in“Item 1A-Risk Factors”in our most recent Annual Report on Form 10-K and as may be updated from time to time in Item 1A in our quarterly reports on Form 10-Q or

24、other subsequent filings with the SEC.All such forward-looking statements speak only as of the date they are made,and we do not undertake any obligation to update these statements other than as required by law.LOW-IR#Contacts:Shareholder/Analyst Inquiries:Media Inquiries:Kate Pearlman Steve Salazar

25、704-775-3856 Lowes Companies,Inc.Consolidated Statements of Current Earnings and Accumulated Deficit(Unaudited)In Millions,Except Per Share and Percentage Data Three Months Ended Six Months Ended August 4,2023 July 29,2022 August 4,2023 July 29,2022 Current Earnings Amount%Sales Amount%Sales Amount%

26、Sales Amount%Sales Net sales$24,956 100.00$27,476 100.00$47,304 100.00$51,135 100.00 Cost of sales 16,557 66.34 18,343 66.76 31,378 66.33 33,952 66.40 Gross margin 8,399 33.66 9,133 33.24 15,926 33.67 17,183 33.60 Expenses:Selling,general and administrative 4,086 16.38 4,455 16.22 7,912 16.73 8,758

27、17.12 Depreciation and amortization 427 1.71 449 1.63 841 1.78 894 1.75 Operating income 3,886 15.57 4,229 15.39 7,173 15.16 7,531 14.73 Interest net 341 1.36 264 0.96 689 1.45 507 0.99 Pre-tax earnings 3,545 14.21 3,965 14.43 6,484 13.71 7,024 13.74 Income tax provision 872 3.50 973 3.54 1,551 3.28

28、 1,699 3.33 Net earnings$2,673 10.71$2,992 10.89$4,933 10.43$5,325 10.41 Weighted average common shares outstanding basic 584 638 590 649 Basic earnings per common share(1)$4.56$4.68$8.34$8.18 Weighted average common shares outstanding diluted 585 639 591 651 Diluted earnings per common share(1)$4.5

29、6$4.67$8.32$8.16 Cash dividends per share$1.10$1.05$2.15$1.85 Accumulated Deficit Balance at beginning of period$(15,310)$(7,367)$(14,862)$(5,115)Net earnings 2,673 2,992 4,933 5,325 Cash dividends declared (641)(666)(1,266)(1,190)Share repurchases (2,063)(3,854)(4,146)(7,915)Balance at end of perio

30、d$(15,341)$(8,895)$(15,341)$(8,895)(1)Under the two-class method,earnings per share is calculated using net earnings allocable to common shares,which is derived by reducing net earnings by the earnings allocable to participating securities.Net earnings allocable to common shares used in the basic an

31、d diluted earnings per share calculation were$2,666 million for the three months ended August 4,2023,and$2,983 million for the three months ended July 29,2022.Net earnings allocable to common shares used in the basic and diluted earnings per share calculation were$4,920 million for the six months en

32、ded August 4,2023,and$5,308 million for the six months ended July 29,2022.Lowes Companies,Inc.Consolidated Statements of Comprehensive Income(Unaudited)In Millions,Except Percentage Data Three Months Ended Six Months Ended August 4,2023 July 29,2022 August 4,2023 July 29,2022 Amount%Sales Amount%Sal

33、es Amount%Sales Amount%Sales Net earnings$2,673 10.71$2,992 10.89$4,933 10.43$5,325 10.41 Foreign currency translation adjustments net of tax 5 0.01 12 0.05 5 0.01 (5)(0.02)Cash flow hedges net of tax (3)(0.01)(38)(0.14)(6)(0.02)181 0.36 Other (1)(3)0.01 Other comprehensive income/(loss)2 (27)(0.09)

34、(1)(0.01)173 0.35 Comprehensive income$2,675 10.71$2,965 10.80$4,932 10.42$5,498 10.76 Lowes Companies,Inc.Consolidated Balance Sheets(Unaudited)In Millions,Except Par Value Data August 4,2023 July 29,2022 Assets Current assets:Cash and cash equivalents$3,494$1,482 Short-term investments 374 450 Mer

35、chandise inventory net 17,422 19,329 Other current assets 946 1,406 Total current assets 22,236 22,667 Property,less accumulated depreciation 17,373 18,713 Operating lease right-of-use assets 3,650 4,158 Long-term investments 182 56 Deferred income taxes net 230 104 Other assets 850 1,027 Total asse

36、ts$44,521$46,725 Liabilities and shareholders deficit Current liabilities:Current maturities of long-term debt$592$121 Current operating lease liabilities 534 652 Accounts payable 10,333 12,631 Accrued compensation and employee benefits 1,026 1,227 Deferred revenue 1,566 1,968 Income taxes payable 9

37、1 330 Other current liabilities 3,470 3,437 Total current liabilities 17,612 20,366 Long-term debt,excluding current maturities 35,839 28,763 Noncurrent operating lease liabilities 3,611 4,069 Deferred revenue Lowes protection plans 1,231 1,169 Other liabilities 960 800 Total liabilities 59,253 55,1

38、67 Shareholders deficit:Preferred stock,$5 par value:Authorized 5.0 million shares;Issued and outstanding none Common stock,$0.50 par value:Authorized 5.6 billion shares;Issued and outstanding 582 million and 631 million,respectively 291 316 Capital in excess of par value 12 Accumulated deficit (15,

39、341)(8,895)Accumulated other comprehensive income 306 137 Total shareholders deficit (14,732)(8,442)Total liabilities and shareholders deficit$44,521$46,725 Lowes Companies,Inc.Consolidated Statements of Cash Flows(Unaudited)In Millions Six Months Ended August 4,2023 July 29,2022 Cash flows from ope

40、rating activities:Net earnings$4,933$5,325 Adjustments to reconcile net earnings to net cash provided by operating activities:Depreciation and amortization 941 1,007 Noncash lease expense 241 273 Deferred income taxes 23 Asset impairment and loss on property net 23 32 Gain on sale of business (67)Sh

41、are-based payment expense 113 110 Changes in operating assets and liabilities:Merchandise inventory net 1,109 (1,728)Other operating assets 224 (120)Accounts payable (191)1,279 Deferred revenue (6)97 Other operating liabilities (1,375)(263)Net cash provided by operating activities 5,968 6,012 Cash f

42、lows from investing activities:Purchases of investments (878)(330)Proceeds from sale/maturity of investments 811 290 Capital expenditures (765)(687)Proceeds from sale of property and other long-term assets 17 19 Proceeds from sale of business 123 Other net (23)(1)Net cash used in investing activitie

43、s (715)(709)Cash flows from financing activities:Net change in commercial paper (499)Net proceeds from issuance of debt 2,983 4,964 Repayment of debt (45)(799)Proceeds from issuance of common stock under share-based payment plans 76 72 Cash dividend payments (1,257)(1,061)Repurchases of common stock (4,356)(8,128)Other net (9)(2)Net cash used in financing activities (3,107)(4,954)Net increase in cash and cash equivalents 2,146 349 Cash and cash equivalents,beginning of period 1,348 1,133 Cash and cash equivalents,end of period$3,494$1,482