Q2 2024 Lowe's Companies Inc Earnings Call Transcript
Key Points
- Lowe's Companies Inc (LOW) reported second-quarter sales of $23.6 billion, with positive comps in Pro and online sales.
- The company delivered mid-single digit positive comps in Pro and 2.9% comparable sales growth online.
- Lowe's Companies Inc (LOW) has successfully implemented its Total Home strategy, gaining traction even in a pressured macro environment.
- The company has expanded its delivery options, adding Uber Eats to its list of partners, which includes DoorDash, Shipt, and Instacart.
- Lowe's Companies Inc (LOW) launched the MyLowe's Rewards loyalty program nationwide in March, which has been well-received and provides valuable customer insights.
- Comparable sales were down 5.1% from the same period last year, indicating a decline in overall sales performance.
- The company continues to face softness in DIY demand, particularly in bigger ticket discretionary projects.
- Unfavorable weather conditions, including cold and wet weather in May followed by intense heat in June and July, pressured sales in seasonal categories.
- Lowe's Companies Inc (LOW) has updated its full-year 2024 outlook, reflecting a cautious approach due to the challenging home improvement backdrop and weak consumer sentiment.
- The company experienced a decline in comparable transactions by 5.9%, driven by lower seasonal transactions and pressure from DIY project spend.
(video playing)
Good morning, everyone, and welcome to Lowe's Companies second-quarter 2024 earnings conference call. My name is Rob, and I'll be your operator for today's call. As a reminder, this conference is being recorded. I'll now turn the call over to Kate Pearlman, Vice President of Investor Relations and Treasurer.
' -
Thank you and good morning. Here with me today are Marvin Ellison, Chairman and Chief Executive Officer; Bill Boltz, our Executive Vice President, Merchandising; Joe Mcfarland our Executive Vice President, Stores and; Brandon Sink our Executive Vice President and Chief Financial Officer.
I would like to remind you that our notice regarding forward-looking statements is included in our press release this morning, which can be found on Lowe's Investor Relations website. During this call, we will be making comments that are forward-looking, including our expectations for fiscal 2024 actual results may differ
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