Lowe's(US:LOW)2025-05-29 20:32Financial Performance - Net earnings for the three months ended May 2, 2025, were $1,641 million, representing 7.84% of sales, compared to $1,755 million or 8.21% of sales for the same period in 2024[12] - The company reported a comprehensive income of $1,638 million for the three months ended May 2, 2025, compared to $1,751 million for the same period in 2024[12] - For the three months ended May 2, 2025, net earnings were $1,641 million, a decrease of 6.5% from $1,755 million for the same period in 2024[48] - Basic earnings per common share decreased to $2.93 from $3.06, reflecting a decline of 4.3% year-over-year[48] - Diluted earnings per common share also decreased to $2.92 from $3.06, marking a 4.6% decline compared to the previous year[49] Sales and Revenue - The company reported net sales of $20,930 million for the three months ended May 2, 2025, down from $21,364 million for the same period in 2024[24] - Net sales for the three months ended May 2, 2025, totaled $20,930 million, a decrease from $21,364 million in the same period of 2024[29] - Home Décor net sales accounted for 36.1% of total sales in 2025, while Building Products and Hardlines represented 31.3% and 30.6%, respectively[29] - Cost of sales as a percentage of net sales was 66.62% for the three months ended May 2, 2025, compared to 66.81% for the same period in 2024[53] Assets and Liabilities - Total current assets as of May 2, 2025, were $22,675 million, slightly down from $22,750 million on May 3, 2024[14] - The total liabilities as of May 2, 2025, were $58,626 million, a decrease from $59,971 million on May 3, 2024[14] - Cash and cash equivalents at the end of the period were $3,054 million, compared to $3,237 million at the end of the same period in 2024[17] - Merchandise inventory – net as of May 2, 2025, was $18,335 million, compared to $18,224 million on May 3, 2024[14] - Short-term restricted investments increased to $368 million in 2025 from $264 million in 2024, while long-term restricted investments decreased slightly to $300 million from $306 million[31] Cash Flow and Dividends - Net cash provided by operating activities for the three months ended May 2, 2025, was $3,379 million, down from $4,262 million for the same period in 2024[17] - The company declared cash dividends of $1.15 per share, totaling $645 million for the three months ended May 2, 2025[15] - The company declared cash dividends of $645 million, compared to $629 million in the same period last year[50] Deferred Revenue - Total deferred revenue for the company is $1,500 million in 2025, up from $1,409 million in 2024[26] - Retail deferred revenue reached $1,001 million in 2025, an increase from $889 million in 2024, while stored-value cards deferred revenue decreased to $499 million from $520 million[26] - Lowe's protection plans deferred revenue recognized into sales was $143 million for the three months ended May 2, 2025, compared to $139 million for the same period in 2024[28] Share Repurchase - Total shares repurchased for the three months ended May 2, 2025, amounted to 0.3 million shares at a cost of $72 million, compared to 3.0 million shares at a cost of $743 million in the same period of 2024[47] - The company has $10.8 billion remaining in its share repurchase program as of May 2, 2025[45] Market Risks - The company remains exposed to market risks, including changes in interest rates and commodity prices, which have not changed materially from previous disclosures[92]