Comparable sales decreased by 4.7% in fiscal 2023, consisting of a 4.6% decrease in comparable customer transactions and a 0.1% decrease in comparable average ticket. This indicates a slowdown in customer activity and spending.

The company continues to invest in its supply chain network and omnichannel capabilities to meet changing customer needs. These investments are designed to promote greater network capacity and better flow management and optimization while leveraging a market delivery model.

The company is focusing on driving Pro penetration by expanding Pro brands, tailoring product assortments to local building codes and preferences, and increasing loyalty through its MVPs Pro Rewards & Partnership Program. It also continues to expand localization efforts to better serve the product needs of unique communities.

The company reduced inventory levels by $1.6 billion in fiscal 2023, compared to a $2.6 billion increase in fiscal 2022, indicating improved inventory management and alignment with sales trends.

The company continues to invest in technology to improve customer experience and omnichannel capabilities, and is focused on attracting and retaining skilled professionals, including technology professionals.

The company is focused on improving the associate experience through improved technology in the hiring process, enhanced onboarding, and a focus on safety. It also offers various scheduling options to improve work-life balance.

The company acknowledges the risk of not adapting its business concept to changing shopping habits, demands, and demographics of customers, which could lead to loss of market share.

The company acknowledges that it and its third-party service providers have experienced and will likely continue to experience cybersecurity threats and incidents, which could result in data loss, disruption to operations, and reputational damage.

The company is exposed to risks related to disruptions in its supply chain, including global health crises, geopolitical conflicts, and trade policy changes, which could negatively impact the availability and cost of products.

The company faces intense competition from national and regional home improvement chains, traditional retailers, online retailers, and service providers, which could impact its ability to maintain market share.

To ensure ongoing competitiveness, Lowe's focuses on delivering the right home improvement products, with the best service and value, across every channel and community it serves.

The company is investing in omnichannel capabilities to meet customer expectations for seamless transitions between channels, including online research, in-store pickup, and home delivery.

The company continues to develop and implement productivity tools to enhance the efficiency of sales associates and to integrate order management, inventory management, and fulfillment processes.

The company continues to invest and transform its supply chain network to unlock omnichannel capabilities while keeping sustainability goals in mind, including expanding its market-based delivery model.

The company is focused on improving the speed of delivery capabilities for its customers, including offering two-day shipping for most parcel-eligible items and same-day delivery through its gig networks.

The company is investing in technology to provide a seamless omnichannel experience for customers, including websites, mobile applications, and in-store technology.

The company is undergoing a multi-year technology transformation which includes updating and modernizing its merchandise selling system, as well as certain accounting and finance systems.

The company is leveraging technology to enhance the efficiency of sales associates and to integrate order management, inventory management, and fulfillment processes.

The company repurchased $6.3 billion of common stock and paid $2.5 billion in dividends during the year, demonstrating its commitment to returning excess cash to shareholders.

As of February 2, 2024, the company had $14.6 billion remaining under its share repurchase program with no expiration date, indicating a continued focus on returning capital to shareholders.

Capital expenditures were $2.0 billion in fiscal 2023, primarily focused on strategic initiatives to enhance the company's ability to serve customers, improve existing stores, and support expansion plans.

The company has established a goal to reach net-zero emissions across its scope 1, 2, and 3 GHG emissions by 2050 and is making investments in energy efficiency and renewable energy within its operations.

The company is committed to promoting sustainable practices throughout its supply chain and providing customers with eco-friendly, high quality, and safe products.

The company is investing in communities through philanthropic efforts, including the Lowe's Foundation's Gable Grants program to recruit, train, and prepare people for skilled trades careers.

The home improvement business is subject to seasonal influences, with the highest volume of sales during the second fiscal quarter (May, June, and July) and the lowest volume during the fourth fiscal quarter (November, December, and January).

The company's sales are dependent on the health and stability of the general economy, and it is impacted by macroeconomic factors such as inflation, interest rates, and consumer spending.

The company is subject to a wide array of federal, state, and local laws and regulations, and changes in these laws could increase the company's costs of doing business.