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Lowe's Companies, Inc. has submitted its 10-Q filing for the quarterly period ended November 1, 2024.
The filing includes financial statements for the quarter, showing a decrease in net sales to $20.2 billion from $20.5 billion in the same quarter the previous year. The decrease is attributed to a 1.1% decline in comparable sales, driven by a decrease in customer transactions.
Gross margin as a percentage of sales increased slightly by three basis points to 33.69%, benefiting from productivity initiatives despite supply chain investments.
Selling, general, and administrative expenses increased to 18.97% of sales, up from 18.37% in the previous year, primarily due to employee compensation and storm-related costs.
Net earnings for the quarter were $1.7 billion, down from $1.8 billion in the previous year. Diluted earnings per share decreased to $2.99 from $3.06.
Cash provided by operating activities was $8.7 billion for the first nine months of 2024, with capital expenditures totaling $1.4 billion.
Lowe's repurchased $758 million of common stock during the quarter and paid $654 million in dividends.
The company maintains $3.3 billion in cash and cash equivalents, with $4.0 billion available in revolving credit facilities.
Management highlights continued investments in the Total Home strategy and disciplined expense management amid a challenging economic environment.
The filing also details the company's share repurchase program, with $12.2 billion remaining authorized for share repurchases.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Lowe's Companies Inc. quarterly 10-Q report dated November 27, 2024. To report an error, please email earnings@qz.com.