Lowe's Companies Inc. Files 2024 10-K Report

TL;DR

<b>Lowe's Companies Inc. has submitted its annual 10-K filing for the fiscal year ended February 2, 2024, detailing its financial performance and position.</b>

AI Summary

LOWES COMPANIES INC (LOW) filed a Annual Report (10-K) with the SEC on March 25, 2024. Lowe's Companies Inc. filed its 10-K report for the fiscal year ending February 2, 2024. The filing covers the fiscal year 2023 and provides financial data for the periods ending February 2, 2024, February 3, 2023, and January 29, 2022. The company's principal business address is 1000 Lowes Blvd., Mooresville, NC 28117. Lowe's operates in the Retail - Lumber & Other Building Materials Dealers sector (SIC 5211). The report includes details on common stock, additional paid-in capital, retained earnings, and accumulated other comprehensive income across multiple fiscal years.

Why It Matters

For investors and stakeholders tracking LOWES COMPANIES INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Lowe's financial health and operational performance for the fiscal year 2023, crucial for investors assessing the company's stability and growth prospects. The detailed financial statements and disclosures within the report are essential for understanding Lowe's market position, asset base, and liabilities, informing investment decisions and competitive analysis.

Risk Assessment

Risk Level: medium — LOWES COMPANIES INC shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial information, it does not inherently signal immediate positive or negative trends without further analysis of the specific numbers and narrative sections.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-K to identify specific revenue trends, profitability drivers, and any disclosed risks or opportunities for Lowe's Companies Inc.

Key Numbers

• 2024-02-02 — Fiscal Year End (Conformed Period of Report)
• 2024-03-25 — Filing Date (Filed as of Date)
• 2023-02-04 — Prior Year Start Date (Fiscal Year 2023 Start Date)
• 2022-01-29 — Prior Year Start Date (Fiscal Year 2022 Start Date)

Key Players & Entities

• LOWES COMPANIES INC (company) — Filer name
• 0000060667 (company) — Central Index Key
• 5211 (company) — Standard Industrial Classification
• NC (company) — State of Incorporation
• MOORESVILLE (company) — Business Address City
• 704-758-1000 (company) — Business Phone
• US (company) — Country
• CA (company) — Country

FAQ

Industry Context

Lowe's Companies Inc. operates within the retail sector, specifically as a dealer of lumber and other building materials.

Regulatory Implications

The filing is a 10-K, a mandatory annual report required by the U.S. Securities and Exchange Commission (SEC) for publicly traded companies.

What Investors Should Do

1. Analyze the consolidated financial statements for revenue, net income, and cash flow trends.
2. Examine the Management's Discussion and Analysis of Financial Condition and Results of Operations for insights into performance drivers and future outlook.
3. Review any disclosed risk factors and legal proceedings to understand potential challenges facing the company.

Key Dates

• 2024-02-02: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-03-25: Filing Date — Date the 10-K report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing of the 10-K for the fiscal year ending February 2, 2024. Comparative data from previous fiscal years is included within the report.

Key Financial Figures

• $0.50 — ich registered Common Stock, par value $0.50 per share LOW New York Stock Exchange

Filing Documents

• low-20240202.htm (10-K) — 2348KB
• exhibit427_02022024.htm (EX-4.27) — 23KB
• exhibit1024_02022024.htm (EX-10.24) — 148KB
• exhibit211_02022024.htm (EX-21.1) — 4KB
• exhibit231_02022024.htm (EX-23.1) — 8KB
• exhibit311_02022024.htm (EX-31.1) — 9KB
• exhibit312_02022024.htm (EX-31.2) — 9KB
• exhibit321_02022024.htm (EX-32.1) — 4KB
• exhibit322_02022024.htm (EX-32.2) — 4KB
• exhibit971_02022024.htm (EX-97.1) — 11KB
• exhibit972_02022024.htm (EX-97.2) — 6KB
• exhibit993_02022024.htm (EX-99.3) — 6KB
• low-20240202_g1.jpg (GRAPHIC) — 45KB
• low-20240202_g2.jpg (GRAPHIC) — 15KB
• low-20240202_g3.jpg (GRAPHIC) — 14KB
• low-20240202_g4.jpg (GRAPHIC) — 19KB
• low-20240202_g5.jpg (GRAPHIC) — 19KB
• low-20240202_g6.jpg (GRAPHIC) — 15KB
• low-20240202_g7.jpg (GRAPHIC) — 95KB
• lowesgraphicimage01.jpg (GRAPHIC) — 45KB
• 0000060667-24-000033.txt (&nbsp;) — 12785KB
• low-20240202.xsd (EX-101.SCH) — 76KB
• low-20240202_cal.xml (EX-101.CAL) — 139KB
• low-20240202_def.xml (EX-101.DEF) — 265KB
• low-20240202_lab.xml (EX-101.LAB) — 963KB
• low-20240202_pre.xml (EX-101.PRE) — 637KB
• low-20240202_htm.xml (XML) — 2077KB

Risk Factors

Item 1A. Risk Factors 8

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 16

C ybersecurity

Item 1C. C ybersecurity 16

Properties

Item 2. Properties 18

Legal Proceedings

Item 3. Legal Proceedings 18

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 19 Information About Our Executive Officers 20 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 21

Reserved

Item 6. Reserved 22

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 23

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 32

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 34

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 68

Controls and Procedures

Item 9A. Controls and Procedures 68

Other Information

Item 9B. Other Information 68

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 68 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 69

Executive Compensation

Item 11. Executive Compensation 69

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 69

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 69

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 69 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 70

Form 10-K Summary

Item 16. Form 10-K Summary 79

Signatures

Signatures 80 i Table of Content s DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements including words such as "believe", "expect", "anticipate", "plan", "desire", "project", "estimate", "intend", "will", "should", "could", "would", "may", "strategy", "potential", "opportunity", "outlook", "scenario", "guidance", and similar expressions are forward-looking statements. Forward-looking statements involve, among other things, expectations, projections, and assumptions about future financial and operating results, objectives (including objectives related to environmental and social matters), business outlook, priorities, sales growth, shareholder value, capital expenditures, cash flows, the housing market, the home improvement industry, demand for products and services including customer acceptance of new offerings and initiatives, macroeconomic conditions and consumer spending, share repurchases, and Lowe's strategic initiatives, including those relating to acquisitions and dispositions and the impact of such transactions on our strategic and operational plans and financial results. Such statements involve risks and uncertainties, and we can give no assurance that they will prove to be correct. Actual results may differ materially from those expressed or implied in such statements. For a detailed description of the risks and uncertainties that we are exposed to, you should read Item 1A , "Risk Factors" included elsewhere in this Annual Report. Forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update these statements other than as required by law. ii Table of Content s Part I

- Business

Item 1 - Business General Information Lowe's Companies, Inc. and subsidiaries (the Company or Lowe's) is a Fortune 50 company and the world's second largest home improvement retailer. As of February 2, 2024, Lowe's operated 1,746 home improvement stores and outlets in the United States, representing approximately 195 million square feet of retail selling space. Lowe's was founded in 1921 with the opening of its first hardware store in North Wilkesboro, North Carolina. The Company was incorporated in North Carolina in 1952 and has been publicly held since 1961. The Company's common stock is listed on the New York Stock Exchange - ticker symbol "LOW". For additional information about the Company's performance and financial condition, see Item 7 , "Management's Discussion and Analysis of Financial Condition and Results of Operations", of this Annual Report. Our Strategy Lowe's is an omnichannel retailer whose core priorities are to provide an excellent customer experience, create a great place to work for our associates, and improve our communities, which we believe will create long-term, sustainable value for our shareholders. In fiscal 2020, we implemented our Total Home strategy, which reflects our commitment to provide a full complement of products and services for professional customers (Pro customers) and consumers alike, enabling a Total Home solution for every project across the home. Our Total Home strategy has the following five pillars: Drive Pro penetration Accelerate online business Expand installation services Drive localization Elevate assortment We continue to transform our Pro offerings to drive Pro penetration by expanding our Pro brands, tailoring our product assortments to local building codes and preferences, and increasing loyalty through our MVPs Pro Rewards & Partnership Program TM , which further enhances our relationship with our Pro customers. We are investing in our omnichannel retail capabilities to expand our onli

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View this 10-K filing on SEC EDGAR