Lowe's(LOW)2024-03-25 20:18Store Operations - As of February 2, 2024, Lowe's operates 1,746 home improvement stores across approximately 195 million square feet of retail selling space[7]. - The company operated 1,746 stores in the United States as of February 2, 2024, following the divestiture of its Canadian retail business[218]. Sales and Revenue - Net sales for the fiscal year ended February 2, 2024, were 97,059 million in the previous fiscal year[209]. - Total net sales for the year ended February 2, 2024, were 97,059 million in the previous year, representing a decline of about 11%[264]. - Revenue from products was 93,392 million, while service revenue was 2,178 million[264]. - The United States generated 92,010 million in the prior year, indicating a decrease of 6.5%[269]. Financial Performance - Gross margin for the fiscal year was 11,557 million, accounting for 13.38% of net sales, up from 10.47% in the previous year[209]. - Net earnings for the fiscal year were 6,437 million, or 6.63% in the previous year[210]. - Basic earnings per share rose to 10.20 in the previous fiscal year[209]. - Comprehensive income for the fiscal year was 6,780 million, or 6.99% in the previous year[210]. Expenses and Liabilities - The company reported a decrease in selling, general, and administrative expenses to 1,382 million, representing 1.60% of net sales, compared to 1.16% in the prior year[209]. - Total liabilities decreased from 56,845 million in February 2, 2024, a reduction of approximately 2%[212]. Inventory and Assets - Merchandise inventory decreased from 16,894 million in February 2, 2024, a reduction of approximately 9%[212]. - Total current assets decreased from 19,071 million in February 2, 2024, a decline of approximately 11%[212]. - The company reported a reserve for loss on obsolete inventory of 139 million as of February 3, 2023, indicating a 76.3% increase year-over-year[227]. Environmental and Social Responsibility - In fiscal 2023, Lowe's was included in the Dow Jones Sustainability North America Index for the fifth consecutive year, reflecting its commitment to environmental and social practices[41]. - Lowe's aims to achieve net-zero emissions across its scope 1, 2, and 3 GHG emissions by 2050, with interim targets of reducing scope 1 and 2 emissions by 40% and scope 3 emissions by 22.5% below 2021 levels by 2030[46]. - Over the past three years, Lowe's has invested more than 50 million over five years to prepare 50,000 individuals for skilled trades careers[42]. Workforce and Talent Development - Lowe's employs approximately 168,000 full-time and 116,000 part-time associates as of February 2, 2024[33]. - The company received over 15 notable employer of choice awards in fiscal 2023, highlighting its commitment to workforce inclusion and diversity[32]. - More than 80% of store leadership positions were filled internally in the last year, demonstrating Lowe's focus on internal talent development[38]. - The company offers a tuition-free education program and the Track to the Trades program, which connects associates with apprenticeship certifications in various skilled trades[40]. Shareholder Returns and Stock Performance - The total share repurchases for the year ended February 2, 2024, amounted to 29.9 million shares at a cost of 14.6 billion remaining under its 2,531 million, compared to $2,370 million in the previous year, an increase of about 7%[216].