Lowe’s sales drop to $83.7 billion in 2024 under Black executive Marvin Ellison

Key Points

• Lowe’s total sales fell 3.13% to $83.67 billion for the full year of 2024, driven by lower consumer spending on big-ticket items.
• Net earnings dropped 9.95% to $6.96 billion, with diluted EPS declining to $12.23 from $13.2 year-over-year.
• Despite challenges, Lowe’s saw strong online and Pro sales growth, contributing to resilience in outdoor DIY projects and overall performance.

Lowe’s Companies Inc., led by one of the world’s highest-ranking Black CEOs, Marvin Ellison, reported a decline in sales for the 2024 fiscal year, as consumers scaled back spending on major home improvement projects.

Sales drop 3.13%, earnings slide 9.95%

Total sales for the fiscal year ended Jan. 31, 2025, came in at $83.67 billion, marking a 3.13 percent decline from the $86.38 billion recorded in the previous year. The drop was largely attributed to weaker demand for discretionary products in the Do-It-Yourself (DIY) category, reflecting heightened consumer caution amid economic uncertainty.

Net earnings declined 9.95 percent to $6.96 billion, down from $7.73 billion in the previous year. Full-year diluted earnings per share (EPS) fell to $12.23, compared to $13.20 in the prior period. Additionally, the company recorded an $80 million pre-tax gain from the 2022 sale of its Canadian retail business, boosting fourth-quarter diluted EPS by $0.06.

Bright spots emerge despite an overall decline

Despite the mixed headline numbers, Lowe’s delivered a solid performance in key areas. Online sales remained strong, outdoor DIY projects saw steady demand, and sales to professional contractors held firm, with the company’s digital platform thriving.

Chairman, President, and CEO Marvin Ellison credited the stronger-than-expected results to the company’s focus on its Total Home strategy. “Our results this quarter exceeded expectations as we gain traction with our Total Home strategy,” Ellison said. “We remain confident in the home improvement industry’s long-term strength and ability to capitalize on the expected recovery.” 

As part of the company’s commitment to its frontline workers, Lowe’s is awarding $80 million in discretionary bonuses to associates, recognizing their dedication to customer service. At the same time, the retailer remains focused on creating long-term value for shareholders. During the quarter, Lowe’s repurchased about 5.5 million shares for $1.4 billion and paid $650 million in dividends, returning a total of $6.5 billion to shareholders through buybacks and dividends.

Lowe’s reports moderate asset expansion in 2024

Lowe’s, a major Fortune 50 company in the home improvement sector, operates over 1,700 stores across the United States and Canada with roughly 300,000 associates. As of Jan. 31, 2025, the company had 1,748 stores encompassing 195 million square feet of retail selling space. Under Ellison’s leadership, Lowe’s balance sheet demonstrated modest improvement.

Total assets increased by 3.13 percent, rising from $41.8 billion to $43.1 billion as of the full year 2024 ending Jan. 31, 2025. In addition to his executive role, Marvin Ellison holds a minority stake of 0.13 percent in Lowe’s Companies Inc., representing 748,000 shares ordinary shares. This stake is currently valued at over $185 million.