Sector: Consumer Discretionary|Industry: Home Improvement Retail|Market Cap: $148.16B|Employees: 284K
Lowe's Companies, Inc. operates as a home improvement retailer, the second largest in the world, with stores and outlets across the United States. Its primary revenue streams are from the sale of home improvement products and services, including installation services. Lowe's competitive advantages include its omnichannel capabilities, extensive store network, and strong brand recognition.
Net sales decreased to $23.6 billion in Q2 2024, down from $25.0 billion in Q2 2023, primarily due to a 5.1% decrease in comparable sales. This decline was driven by a 5.9% decrease in customer transactions, partially offset by a 0.8% increase in average ticket.
Diluted earnings per share decreased to $4.17 in Q2 2024, compared to $4.56 in Q2 2023. This decrease is despite a $0.07 positive impact from a realized gain on a contingent consideration.
Gross margin as a percentage of sales decreased by 19 basis points in Q2 2024, driven by higher supply chain costs, partially offset by lower transportation costs and ongoing PPI initiatives.