Lowe's Companies, Inc. (NYSE:LOW) Q2 2023 Earnings Conference Call August 22, 2023 9:00 AM ET Company Participants Kate Pearlman - VP, IR Marvin R. Ellison - Chairman and CEO William P. Boltz - EVP, Merchandising Joseph M. McFarland III - EVP, Stores Brandon Sink - EVP and CFO Conference Call Participants Christopher Horvers - J.P. Morgan Chase Simeon Gutman - Morgan Stanley Elizabeth Suzuki - Bank of America Zachary Fadem - Wells Fargo Scot Ciccarelli - Truist Securities Michael Lasser - UBS Eric Bosshard ...

Summary of Lowe's Companies, Inc. Conference Call Company Overview - **Company**: Lowe's Companies, Inc. (NYSE: LOW) - **Event**: Oppenheimer 23rd Annual Consumer Growth & E-Commerce Conference - **Date**: June 28, 2023 - **Participants**: Marvin Ellison (Chairman and CEO), Brandon Sink (EVP and CFO), Kate Pearlman (Investor Relations) Key Industry Insights - **Home Improvement Demand**: Post-pandemic demand dynamics in home improvement are cautious, influenced by macroeconomic factors [3][6] - **Consumer Behavior**: Consumers are cautious with discretionary spending, but historical demand drivers such as home price appreciation, age of housing stock, and personal disposable income remain positive [3][5] - **Home Price Appreciation**: Home prices have increased by approximately 35% compared to pre-pandemic levels, encouraging investment in home improvements [5] - **Non-Discretionary Sales**: Two-thirds of Lowe's sales are non-discretionary, indicating that essential repairs drive demand [4] Company Performance and Strategy - **Long-Term Outlook**: Despite near-term pressures, Lowe's maintains a bullish outlook for the medium to long-term due to strong demand drivers and strategic investments [6][9] - **Operational Improvements**: Lowe's is focused on enhancing operational efficiency, improving supply chain, and modernizing stores to boost productivity [19][22] - **Pro Customer Focus**: The company is investing in its Pro customer segment, which represents a significant growth opportunity, with a $0.5 trillion addressable market [27][30] Financial Performance - **Operating Margin Target**: Lowe's aims to achieve a 14.5% operating margin, with a focus on increasing sales productivity and improving Pro and online business segments [20][22] - **Capital Expenditure**: The company plans to maintain a capital expenditure of approximately $2 billion annually, focusing on operational improvements rather than significant new investments [24] Market Dynamics - **Regional Differences**: There are no significant measurable differences in housing prices across markets, although some areas like Austin and parts of California have seen price moderation [12] - **Inflation Impact**: Inflation has affected sales, particularly in commodities like lumber, but Lowe's is actively managing costs and expects to maintain average ticket prices outside of commodity-driven categories [48][52] Customer Insights - **Rural Market Strategy**: Lowe's is focusing on rural markets, identifying 300 stores for assortment changes to better meet local customer needs, which has shown early positive results [40][45] - **Customer Loyalty**: The company is enhancing its loyalty program and CRM capabilities to better serve and retain Pro customers [31] Capital Allocation - **Shareholder Returns**: Lowe's continues to prioritize high-return projects, targeting a 35% dividend payout ratio and returning excess capital through share repurchases [58] - **Debt Management**: The company maintains a competitive cost of capital with a fixed average interest rate of 3.95%, minimizing exposure to interest rate fluctuations [59] Conclusion - **Future Outlook**: Lowe's is optimistic about its growth trajectory, driven by strategic investments, operational improvements, and a focus on customer needs, particularly in the Pro segment and rural markets [44][60]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended May 5, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission File Number 1-7898 LOWE’S COMPANIES, INC. (Exact name of registrant as specified in its charter) North Carolina 56-0578072 (State or ...

Lowe’s Companies, Inc. (NYSE:LOW) Q1 2023 Earnings Conference Call May 23, 2023 9:00 AM ET Company Participants Kate Pearlman - Vice President, Investor Relations Marvin Ellison - Chairman and Chief Executive Officer Bill Boltz - Executive Vice President, Merchandising Joe McFarland - Executive Vice President, Stores Brandon Sink - Executive Vice President and Chief Financial Officer Conference Call Participants Liz Suzuki - Bank of America Simeon Gutman - Morgan Stanley Steven Zaccone - Citigroup Brian Nag ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended February 3, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to _________ Commission file number 1-7898 LOWE’S COMPANIES, INC. (Exact name of registrant as specified in its charter) North Carolina 56-0578072 (State o ...

Lowe's Companies, Inc. (NYSE:LOW) Q4 2022 Earnings Conference Call March 1, 2023 9:00 AM ET Company Participants Kate Pearlman - Vice President, Investor Relations & Treasurer Marvin Ellison - Chairman & Chief Executive Officer Bill Boltz - Executive Vice President, Merchandising Joe McFarland - Executive Vice President, Stores Brandon Sink - Executive Vice President & Chief Financial Officer Conference Call Participants Simeon Gutman - Morgan Stanley Patrick Hollander - Goldman Sachs Brian Nagel - Oppenhei ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended October 28, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission File Number 1-7898 LOWE'S COMPANIES, INC. (Exact name of registrant as specified in its charter) North Carolina 56-0578072 (Stat ...

Lowe's Companies, Inc. (NYSE:LOW) Q3 2022 Results Conference Call November 16, 2022 9:00 AM ET Company Participants Kate Pearlman - Vice President, Investor Relations Marvin Ellison - Chairman and Chief Executive Officer Bill Boltz - Executive Vice President, Merchandising Joe McFarland - Executive Vice President, Stores Brandon Sink - Executive Vice President and Chief Financial Officer Conference Call Participants Simeon Gutman - Morgan Stanley Michael Lasser - UBS Brian Nagel - Oppenheimer Liz Suzuki - B ...

Lowe's Companies, Inc. (NYSE:LOW) Goldman Sachs 29th Annual Global Retailing Conference Call September 8, 2022 1:00 PM ET Company Participants Marvin Ellison - Chairman, President and Chief Executive Officer Conference Call Participants Kate McShane - Goldman Sachs & Co. LLC Kate McShane Okay. Thank you for joining us today. We are starting the afternoon session here with Lowe's. I'm very happy to introduce Marvin Ellison, CEO of Lowe's, who is going to start us off with some prepared comments. Marvin Ellis ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 29, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | |------------------------------------------------------------------------------------------------------------|--------------------------------------------| | | | | For the tran ...