Lowe's same-store sales increased 3.5% in the first-quarter, topping estimates of 3.2%. Disclosure Regarding Forward-Looking Statements For fiscal 2020, the Company has recognized financial impacts from the following discrete items, not contemplated in the Company's Business Outlook for the first quarter of fiscal 2020: Fiscal 2019 Impacts Comparable sales for the fourth quarter of fiscal 2018 were positive 3.2 The company has updated its Fiscal Year 2019 Business Outlook to reflect the impact of the gross margin contraction identified in the first quarter. Earnings, adjusted to extinguish debt and for restructuring costs, came to $1.98 per share.The results beat Wall Street expectations. Fiscal 2020 Impacts Comparable sales for the second quarter of fiscal 2019 were positive 3.0 When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. MOORESVILLE, N.C., May 20, 2020 /PRNewswire/ -- Lowe's Companies, Inc. (NYSE: LOW) today reported net earnings of $1.3 billion and diluted earnings per share (EPS) of $1.76 for the quarter ended May 1, 2020, compared to a net earnings of $1.0 billion and diluted EPS of $1.31 in the first quarter of 2019. Lowe's said it expects to earn between $1.10 and $1.20 per share during its fiscal fourth quarter, while analysts had been calling for earnings of … To provide additional transparency, the Company has presented the non-GAAP financial measure of adjusted earnings per share for comparing its operating performance for the three months ended May 1, 2020, with the respective period ended May 3, 2019. As of May 1, 2020, Lowe's operated 1,970 home improvement and hardware stores in the United States and Canada representing 207.8 million square feet of retail selling space. The Mooresville, North Carolina-based company said it had net income of $1.76 per share. The Home Depot reported a 20% year-over-year increase in online sales for its fiscal quarter ending Aug. 4, while Lowe’s reported a 4% increase in ecommerce sales for its fiscal second quarter ending Aug. 2 compared the same period last … Block Link Title. We expressly disclaim any obligation to update or revise any forward-looking statement, whether as a result of new information, change in circumstances, future events or otherwise, except as may be required by law. The retailer cuts its forecast for the year. 1 Adjusted diluted earnings per share is a non-GAAP financial measure. Lowe's Companies, Inc. (NYSE: LOW) is a FORTUNE® 50 home improvement company serving more than 18 million customers a week in the United States and Canada. And during the hours that our stores were open, we implemented significant operational changes to best facilitate social distancing," added Mr. Ellison. Soft margins might have been a drag. The Company is withdrawing its financial guidance for fiscal year 2020. All rights reserved. Appliance sales comps grew at a double-digit pace for four straight quarters prior to fiscal 4Q16. Subscribe to receive our investor relations email alerts. MOORESVILLE, N.C. (AP) _ Lowe's Cos. (LOW) on Wednesday reported fiscal third-quarter profit of $692 million. Based in Mooresville, N.C., Lowe's supports the communities it serves through programs focused on creating safe, affordable housing and helping to develop the next generation of skilled trade experts. Lowe’s (LOW), the world’s second-largest home improvement retailer, reported earnings for the fourth quarter and full-year fiscal 2016 on February 24. Changes in operating assets and liabilities: Net cash provided by operating activities, Proceeds from sale/maturity of investments, Proceeds from sale of property and other long-term assets, Proceeds from issuance of common stock under share-based payment plans, Net cash provided by financing activities, Net increase in cash and cash equivalents, ", "Our strong first quarter performance, which continues into May, also reflects the benefits of our retail fundamentals strategy, the improvement in our execution, and the resiliency of our home improvement business model. The Company's methods of determining non-GAAP financial measures may differ from the method used by other companies for this or similar non-GAAP financial measures. The results beat Wall Street expectations. Chris. Lowe's Business Outlook. Headquartered in Mooresville, North Carolina, the company operates a chain of retail stores in the United States, and Canada.As of November 2018, Lowe's and its related businesses operate over 2,200 home improvement and hardware stores in … Invites You to Join Its Fourth Quarter 2020 Earnings Conference Call Webcast, Lowe's Unveils Strategy to Drive Market Share Acceleration at its 2020 Investor Update, Lowe's Invites You to Listen to Its 2020 Investor Update Webcast, Lowe's Reports Third Quarter 2020 Sales And Earnings Results, Lowe's Companies, Inc. Declares Cash Dividend, © 2021 Lowe's. Lowe's Reports First Quarter 2020 Sales And Earnings Results-- U.S. This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Display Date. The Company delivered strong financial performance in the first quarter, with continued sales momentum in May. A conference call to discuss first quarter 2020 operating results is scheduled for today, Wednesday, May 20, at 9:00 am ET. You have not selected location from suggestion drop down: Please select correct location from suggestion box, Lowe's Expands Supply Chain Network, Announces Opening of Second Direct Fulfill…, Corporate Responsibility Reports & Policies, Small business grant provides sweet outcome for texas bakery, Lowe’s Reports Third Quarter 2020 Sales and Earnings Results, Helping military families hone their diy skills, Red Vest Success: From seasonal hire to store manager, © 2021 Lowe's. Accordingly, this non-GAAP measure may not be comparable to the measures used by other companies. Lowe's fourth-quarter sales, outlook for fiscal 2020 fall short of estimates Published Wed, Feb 26 2020 6:12 AM EST Updated Wed, Feb 26 2020 11:09 AM EST Melissa Repko @melissa_repko These operations included 1,728 stores located across 50 … You have not selected location from suggestion drop down: Please select correct location from suggestion box, Lowe's Reports First Quarter 2020 Sales And Earnings Results, 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. Lowe's Business Outlook MOORESVILLE, N.C., May 20, 2020 /PRNewswire/ -- Lowe's Companies, Inc. (NYSE: LOW) today reported net earnings of $1.3 billion and diluted earnings per share (EPS) of $1.76 for the quarter ended May 1, 2020, compared to a net earnings of $1.0 billion and diluted EPS of $1.31 in the first quarter of 2019. Fiscal Year 2019 (comparisons to fiscal year 2018) Total sales are expected to increase approximately 2 percent. The Mooresville, North Carolina-based company said it had profit of 91 cents per share. Solved! Capital Allocation Lowe's reports mixed fiscal first-quarter earnings . With fiscal year 2019 sales of $72.1 billion, Lowe's and its related businesses operate or service more than 2,200 home improvement and hardware stores and employ approximately 300,000 associates. Adjustments to reconcile net earnings to net cash provided by operating activities: Loss (gain) on property and other assets – net. However, there is limited visibility into future business trends in this unprecedented operating environment, which results in an unusually wide range of potential outcomes for 2020 financial performance. and the Fiscal Quarter I would like to display as "FQ1" "FQ2" etc. First quarter adjusted diluted EPS of $1.77 was 45 percent higher … For more information about these and other risks and uncertainties that we are exposed to, you should read the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Estimates" included in our most recent Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the "SEC") and the description of material changes thereto, if any, included in our Quarterly Reports on Form 10-Q or subsequent filings with the SEC. Given the uncertain economic outlook, the Company raised $4 billion in senior unsecured notes, and increased the capacity of its revolving credit facilities by $770 million. Provided delivery drivers with face masks and gloves, as well as additional training. A replay of the call will be archived on Lowes.com/investor. What spooked the market a bit was Lowe's outlook for the fourth quarter, ... and bought back 3.6 million shares at an average price of about $170 apiece in its fiscal third quarter. Earnings, adjusted to extinguish debt and for restructuring costs, came to $1.98 per share. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. Comparable Sales Increased 12.3% ---- Diluted EPS Increased 35% to $1.76; Adjusted Diluted EPS Increased 45% to $1.771 ---- Company Invests $340 Million in First Quarter to Support Associates and Communities in Response to COVID-19 --. The average estimate of 13 analysts … The foregoing list of important factors that may affect future results is not exhaustive. Story. Lowe's Companies, Inc. (NYSE: LOW) is a FORTUNE(R) 50 home improvement company serving approximately 18 million customers a week in the United States and Canada.With fiscal year 2019 sales of $72.1 billion, Lowe's and its related businesses operate or service more than 2,200 home improvement and hardware stores and employ approximately 300,000 associates. Lowe’s Companies, Inc. LOW has reported robust third-quarter fiscal 2020 results, wherein both earnings and sales have outpaced the Zacks Consensus Estimate and …      assets held for sale, Net increase in cash and cash equivalents, Cash and cash equivalents, beginning of period, Lowe's Companies, Inc. Short Title. For more information, visit Lowes.com. The forward-looking statements contained in this news release are expressly qualified in their entirety by the foregoing cautionary statements. First quarter adjusted diluted EPS of $1.77 was 45 percent higher than adjusted diluted EPS of $1.22 in the first quarter of 20191. This measure excludes the impact of certain discrete items, as further described below, not contemplated in Lowe's Business Outlook to assist the user in understanding performance relative to that Business Outlook for the first quarter of fiscal 2020 and fiscal 2019. Lowe's Business Outlook. As of January 31, 2020, Lowe’s operated 1,977 home improvement and hardware stores, representing approximately 208 million square feet of retail selling space. All such forward-looking statements are based upon data available as of the date of this release or other specified date and speak only as of such date. The conference call will be available by webcast and can be accessed by visiting Lowe's website at www.Lowes.com/investor and clicking on Lowe's First Quarter 2020 Earnings Conference Call Webcast. Home improvement chains The Home Depot Inc. and Lowe’s Cos. Inc. reported second quarter earnings this week. Find the latest Earnings Report Date for Lowe's Companies, Inc. Common Stock (LOW) at Nasdaq.com. Lowe’s Reports Third Quarter 2020 Sales and Earnings Results. With fiscal year 2019 sales of $72.1 billion, Lowe's and its related businesses operate or service more than 2,200 home improvement and hardware stores and employ approximately 300,000 associates. @cjc322. "I am tremendously proud of our associates and how they rose to meet the challenges of this global health crisis, and have continued to serve their communities, providing our customers with the essential products and services they need to keep their homes safe and functional, and their businesses running. Lowe's net income rose 10% to $1.68 billion, or $2.14 a share, during the fiscal quarter ended Aug. 2, compared with $1.52 billion, or $1.86 a share a year earlier. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf about any of the matters covered in this release are qualified by these cautionary statements and in the "Risk Factors" included in our most recent Annual Report on Form 10-K and the description of material changes thereto, if any, included in our Quarterly Reports on Form 10-Q or subsequent filings with the SEC. Lowe's (LOW) third-quarter fiscal 2019 results are expected to reflect strength in the Pro business and gains from other sales growth initiatives. 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 the rate of unemployment, interest rate and currency fluctuations, fuel and other energy costs, slower growth in personal income, changes in consumer spending, changes in the rate of housing turnover, the availability of consumer credit and of mortgage financing, inflation or deflation of commodity prices, recently enacted,  proposed or threatened tariffs, and disruptions caused by our recent management and key personnel changes, and other factors that can negatively affect our customers, as well as our ability to: (i) respond to adverse trends in the housing industry, a reduced rate of growth in household formation, and slower rates of growth in housing renovation and repair activity, as well as uneven recovery in commercial building activity; (ii) secure, develop, and otherwise implement new technologies and processes necessary to realize the benefits of our strategic initiatives focused on omni-channel sales and marketing presence and enhance our efficiency, and otherwise successfully execute on our strategy and implement our strategic initiatives, including acquisitions, dispositions and the closing of certain stores and facilities; (iii) attract, train, and retain highly-qualified associates; (iv) manage our business effectively as we adapt our operating model to meet the changing expectations of our customers; (v) maintain, improve, upgrade and protect our critical information systems from system outages, data security breaches, ransomware and other cyber threats; (vi) respond to fluctuations in the prices and availability of services, supplies, and products; (vii) respond to the growth and impact of competition; (viii) address changes in existing or new laws or regulations that affect consumer credit, employment/labor, trade, product safety, transportation/logistics, energy costs, health care, tax, environmental issues or privacy and data protection; (ix) positively and effectively manage our public image and reputation and respond appropriately to unanticipated failures to maintain a high level of product and service quality that could result in a negative impact on customer confidence and adversely affect sales; (x) effectively manage our relationships with selected suppliers of brand name products and key vendors and service providers, including third party installers; and (xi) respond successfully to the challenges presented by the coronavirus pandemic and its economic effects. Lowe's Companies, Inc. The quarter ended January 29, 2016. Net earnings allocable to common shares used in the basic and diluted earnings per share calculation were $1,333 million for the three months ended May 1, 2020 and $1,043 million for the three months ended May 3, 2019. Can anyone help me provide the lines I would add to the above formula to achieve this? Lowe's Companies, Inc. LOW is scheduled to report first-quarter fiscal 2020 numbers on May 20, before the opening bell. During the quarter, the Company also decided to suspend share repurchases, and does not expect to repurchase any more shares this year beyond what was executed in the first quarter. Lowe’s Companies, Inc. and subsidiaries (the Company or Lowe’s) is a Fortune ® 50 company and the world’s second largest home improvement retailer. 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