1、UNITEDSTATESSECURITIESANDEXCHANGECOMMISSIONWashington,D.C.20549FORM10-Q(MarkOne)QUARTERLYREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXCHANGEACTOF1934ForthequarterlyperiodendedMay3,2024orTRANSITIONREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXCHANGEACTOF1
2、934Forthetransitionperiodfrom_to_CommissionFileNumber1-7898LOWESCOMPANIES,INC.(Exactnameofregistrantasspecifiedinitscharter)NorthCarolina56-0578072(Stateorotherjurisdictionofincorporationororganization)(I.R.S.EmployerIdentificationNo.)1000LowesBlvd.,Mooresville,NorthC
3、arolina28117(Addressofprincipalexecutiveoffices)(ZipCode)Registrantstelephonenumber,includingareacode:(704)758-1000Formername,formeraddressandformerfiscalyear,ifchangedsincelastreport:NotApplicableSecuritiesregisteredpursuanttoSection12(b)oftheAct:TitleofeachclassTradin
4、gSymbol(s)NameofeachexchangeonwhichregisteredCommonStock,parvalue$0.50pershareLOWNewYorkStockExchangeIndicatebycheckmarkwhethertheregistrant(1)hasfiledallreportsrequiredtobefiledbySection13or15(d)oftheSecuritiesExchangeActof1934duringthepreceding12months(or
5、forsuchshorterperiodthattheregistrantwasrequiredtofilesuchreports),and(2)hasbeensubjecttosuchfilingrequirementsforthepast90days.YesNoIndicatebycheckmarkwhethertheregistranthassubmittedelectronically,everyInteractiveDataFilerequiredtobesubmittedpursuanttoRule
6、405ofRegulationS-T(232.405ofthischapter)duringthepreceding12months(orforsuchshorterperiodthattheregistrantwasrequiredtosubmitsuchfiles).YesNoIndicatebycheckmarkwhethertheregistrantisalargeacceleratedfiler,anacceleratedfiler,anon-acceleratedfiler,smallerreporti
7、ngcompany,oranemerginggrowthcompany.Seethedefinitionsof“largeacceleratedfiler,”“acceleratedfiler,”“smallerreportingcompany,”and“emerginggrowthcompany”inRule12b-2oftheExchangeAct.LargeacceleratedfilerAcceleratedfilerNon-acceleratedfilerSmallerreportingcompanyEmerginggrowth
8、companyIfanemerginggrowthcompany,indicatebycheckmarkiftheregistranthaselectednottousetheextendedtransitionperiodforcomplyingwithanyneworrevisedfinancialaccountingstandardsprovidedpursuanttoSection13(a)oftheExchangeAct.Indicatebycheckmarkwhethertheregistrant
9、isashellcompany(asdefinedinRule12b-2oftheExchangeAct).YesNoIndicatethenumberofsharesoutstandingofeachoftheissuersclassesofcommonstock,asofthelatestpracticabledate.CLASSOUTSTANDINGAT5/28/2024CommonStock,$0.50parvalue569,835,275LOWESCOMPANIES,INC.-TABLEOFCONTENTS
10、-PageNo.Forward-LookingStatementsiiPARTI-FinancialInformation1Item1.FinancialStatements1ConsolidatedStatementsofEarnings1ConsolidatedStatementsofComprehensiveIncome1ConsolidatedBalanceSheets2ConsolidatedStatementsofShareholdersDeficit3ConsolidatedStatementsofCashFlows4Notesto
11、ConsolidatedFinancialStatements5Note1:SummaryofSignificantAccountingPolicies5Note2:Revenue5Note3:RestrictedInvestments6Note4:FairValueMeasurements6Note5:AccountsPayable8Note6:Debt8Note7:DerivativeInstruments9Note8:ShareholdersDeficit9Note9:EarningsPerShare10Note10:Supplement
12、alDisclosure10ReportofIndependentRegisteredPublicAccountingFirm12Item2.ManagementsDiscussionandAnalysisofFinancialConditionandResultsofOperations13Item3.QuantitativeandQualitativeDisclosuresaboutMarketRisk19Item4.ControlsandProcedures19PARTII-OtherInformation20Item1.Le
13、galProceedings20Item1A.RiskFactors20Item2.UnregisteredSalesofEquitySecuritiesandUseofProceeds20Item5.OtherInformation20Item6.Exhibits21Signature22iTableofContentsFORWARD-LOOKINGSTATEMENTSThisForm10-Qincludes“forward-lookingstatements”withinthemeaningofthePrivateSecurities
14、LitigationReformActof1995.Statementsincludingwordssuchas“believe”,“expect”,“anticipate”,“plan”,“desire”,“project”,“estimate”,“intend”,“will”,“should”,“could”,“would”,“may”,“strategy”,“potential”,“opportunity”,“outlook”,“scenario”,“guidance”,andsimilarexpressionsareforward-lookingstateme
15、nts.Forward-lookingstatementsinvolve,amongotherthings,expectations,projections,andassumptionsaboutfuturefinancialandoperatingresults,objectives(includingobjectivesrelatedtoenvironmentalandsocialmatters),businessoutlook,priorities,salesgrowth,shareholdervalue,capitalexpenditures,
16、cashflows,thehousingmarket,thehomeimprovementindustry,demandforproductsandservicesincludingcustomeracceptanceofnewofferingsandinitiatives,macroeconomicconditionsandconsumerspending,sharerepurchases,andLowesstrategicinitiatives,includingthoserelatingtoacquisitionsanddisp
17、ositionsandtheimpactofsuchtransactionsonourstrategicandoperationalplansandfinancialresults.Suchstatementsinvolverisksanduncertaintiesandwecangivenoassurancethattheywillprovetobecorrect.Actualresultsmaydiffermateriallyfromthoseexpressedorimpliedinsuchstateme
18、nts.Awidevarietyofpotentialrisks,uncertainties,andotherfactorscouldmateriallyaffectourabilitytoachievetheresultseitherexpressedorimpliedbytheseforward-lookingstatementsincluding,butnotlimitedto,changesingeneraleconomicconditions,suchasvolatilityand/orlackofliquid
19、ityfromtimetotimeinU.S.andworldfinancialmarketsandtheconsequentreducedavailabilityand/orhighercostofborrowingtoLowesanditscustomers,slowerratesofgrowthinrealdisposablepersonalincomethatcouldaffecttherateofgrowthinconsumerspending,inflationanditsimpactsond
20、iscretionaryspendingandonourcosts,shortages,andotherdisruptionsinthelaborsupply,interestrateandcurrencyfluctuations,homepriceappreciationordecreasinghousingturnover,ageofhousingstock,theavailabilityofconsumercreditandofmortgagefinancing,tradepolicychangesoradditiona
21、ltariffs,outbreaksofpandemics,fluctuationsinfuelandenergycosts,inflationordeflationofcommodityprices,naturaldisasters,geopoliticalorarmedconflicts,actsofbothdomesticandinternationalterrorism,andotherfactorsthatcannegativelyaffectourcustomers.Investorsandothersshouldc
22、arefullyconsidertheforegoingfactorsandotheruncertainties,risksandpotentialeventsincluding,butnotlimitedto,thosedescribedin“Item1A-RiskFactors”and“Item7-ManagementsDiscussionandAnalysisofFinancialConditionandResultsofOperations-CriticalAccountingPoliciesandEstimates”in
23、ourmostrecentAnnualReportonForm10-KandasmaybeupdatedfromtimetotimeinourquarterlyreportsonForm10-QorothersubsequentfilingswiththeSEC.Allsuchforward-lookingstatementsspeakonlyasofthedatetheyaremade,andwedonotundertakeanyobligationtoupdatethesestatement
24、sotherthanasrequiredbylaw.iiTableofContentsPartI-FINANCIALINFORMATIONItem1.FinancialStatementsLowesCompanies,Inc.ConsolidatedStatementsofEarnings(Unaudited)InMillions,ExceptPerShareandPercentageDataThreeMonthsEndedMay3,2024May5,2023CurrentEarningsAmount%SalesAmount%Sales
25、Netsales$21,364100.00%$22,347100.00%Costofsales14,27466.8114,82066.32Grossmargin7,09033.197,52733.68Expenses:Selling,generalandadministrative4,00918.773,82417.12Depreciationandamortization4282.004151.85Operatingincome2,65312.423,28814.71Interestnet3521.653491.56Pr
26、e-taxearnings2,30110.772,93913.15Incometaxprovision5462.566793.04Netearnings$1,7558.21%$2,26010.11%Weightedaveragecommonsharesoutstandingbasic571596Basicearningspercommonshare$3.06$3.78Weightedaveragecommonsharesoutstandingdiluted572597Dilutedearningspercommonsha
27、re$3.06$3.77Seeaccompanyingnotestotheconsolidatedfinancialstatements(unaudited).LowesCompanies,Inc.ConsolidatedStatementsofComprehensiveIncome(Unaudited)InMillions,ExceptPercentageDataThreeMonthsEndedMay3,2024May5,2023Amount%SalesAmount%SalesNetearnings$1,7558.21%$2,26010.1
28、1%Cashflowhedgesnetoftax(3)(0.02)(4)(0.02)Other(1)10.01Othercomprehensiveloss(4)(0.02)(3)(0.01)Comprehensiveincome$1,7518.19%$2,25710.10%Seeaccompanyingnotestotheconsolidatedfinancialstatements(unaudited).1TableofContentsLowesCompanies,Inc.ConsolidatedBalanceSheets(Unaudited)
29、InMillions,ExceptParValueDataMay3,2024May5,2023February2,2024AssetsCurrentassets:Cashandcashequivalents$3,237$2,950$921Short-terminvestments264423307Merchandiseinventorynet18,22419,52216,894Othercurrentassets1,0251,023949Totalcurrentassets22,75023,91819,071Property,les
30、saccumulateddepreciation17,53117,40217,653Operatingleaseright-of-useassets3,8293,5043,733Long-terminvestments306103252Deferredincometaxesnet115150248Otherassets834840838Totalassets$45,365$45,917$41,795LiabilitiesandshareholdersdeficitCurrentliabilities:Short-termborro
31、wings$72$Currentmaturitiesoflong-termdebt1,294589537Currentoperatingleaseliabilities552525487Accountspayable11,73711,8858,704Accruedcompensationandemployeebenefits870766954Deferredrevenue1,4091,6451,408Othercurrentliabilities3,6443,7283,478Totalcurrentliabilities19
32、,50619,21015,568Long-termdebt,excludingcurrentmaturities34,62235,86335,384Noncurrentoperatingleaseliabilities3,7593,4793,737DeferredrevenueLowesprotectionplans1,2251,2061,225Otherliabilities859869931Totalliabilities59,97160,62756,845Shareholdersdeficit:Preferredstock,
33、$5parvalue:Authorized5.0millionshares;IssuedandoutstandingnoneCommonstock,$0.50parvalue:Authorized5.6billionshares;Issuedandoutstanding572million,592million,and574millionshares,respectively286296287Accumulateddeficit(15,188)(15,310)(15,637)Accumulatedothercomprehensivei
34、ncome296304300Totalshareholdersdeficit(14,606)(14,710)(15,050)Totalliabilitiesandshareholdersdeficit$45,365$45,917$41,795Seeaccompanyingnotestotheconsolidatedfinancialstatements(unaudited).2TableofContentsLowesCompanies,Inc.ConsolidatedStatementsofShareholdersDeficit(Unaudite
35、d)InMillionsThreeMonthsEndedMay3,2024CommonStockCapitalinExcessofParValueAccumulatedDeficitAccumulatedOtherComprehensiveIncomeTotalSharesAmountBalanceFebruary2,2024574$287$(15,637)$300$(15,050)Netearnings1,7551,755Othercomprehensiveloss(4)(4)Cashdividendsdeclared,$1.10pershar
36、e(629)(629)Share-basedpaymentexpense5050Repurchasesofcommonstock(3)(2)(64)(677)(743)Issuanceofcommonstockundershare-basedpaymentplans111415BalanceMay3,2024572$286$(15,188)$296$(14,606)ThreeMonthsEndedMay5,2023CommonStockCapitalinExcessofParValueAccumulatedDeficitAccumul
37、atedOtherComprehensiveIncomeTotalSharesAmountBalanceFebruary3,2023601$301$(14,862)$307$(14,254)Netearnings2,2602,260Othercomprehensiveloss(3)(3)Cashdividendsdeclared,$1.05pershare(624)(624)Share-basedpaymentexpense5555Repurchasesofcommonstock(11)(6)(59)(2,084)(2,149)Issuanceo
38、fcommonstockundershare-basedpaymentplans2145BalanceMay5,2023592$296$(15,310)$304$(14,710)Seeaccompanyingnotestotheconsolidatedfinancialstatements(unaudited).3TableofContentsLowesCompanies,Inc.ConsolidatedStatementsofCashFlows(Unaudited)InMillionsThreeMonthsEndedMay3,2024
39、May5,2023Cashflowsfromoperatingactivities:Netearnings$1,755$2,260Adjustmentstoreconcilenetearningstonetcashprovidedbyoperatingactivities:Depreciationandamortization486465Noncashleaseexpense131108Deferredincometaxes135102(Gain)/lossonpropertyandotherassetsnet(7)11G
40、ainonsaleofbusiness(67)Share-basedpaymentexpense5559Changesinoperatingassetsandliabilities:Merchandiseinventorynet(1,330)(990)Otheroperatingassets(86)157Accountspayable3,0331,361Otheroperatingliabilities90(1,360)Netcashprovidedbyoperatingactivities4,2622,106Cashflowsf
41、rominvestingactivities:Purchasesofinvestments(277)(450)Proceedsfromsale/maturityofinvestments266412Capitalexpenditures(382)(380)Proceedsfromsaleofpropertyandotherlong-termassets158Proceedsfromsaleofbusiness123Othernet(17)Netcashusedininvestingactivities(378)(304)Cash
42、flowsfromfinancingactivities:Netchangeincommercialpaper(427)Netproceedsfromissuanceofdebt2,983Repaymentofdebt(22)(22)Proceedsfromissuanceofcommonstockundershare-basedpaymentplans155Cashdividendpayments(633)(633)Repurchasesofcommonstock(923)(2,106)Othernet(5)Netcash
43、usedinfinancingactivities(1,568)(200)Netincreaseincashandcashequivalents2,3161,602Cashandcashequivalents,beginningofperiod9211,348Cashandcashequivalents,endofperiod$3,237$2,950Seeaccompanyingnotestotheconsolidatedfinancialstatements(unaudited).4TableofContentsLowes
44、Companies,Inc.NotestoConsolidatedFinancialStatements(Unaudited)Note1:SummaryofSignificantAccountingPoliciesBasisofPresentationTheaccompanyingcondensedconsolidatedfinancialstatements(unaudited)andnotestothecondensedconsolidatedfinancialstatements(unaudited)arepresentedinaccor
45、dancewiththerulesandregulationsoftheSecuritiesandExchangeCommissionanddonotincludeallthedisclosuresnormallyrequiredinannualconsolidatedfinancialstatementspreparedinaccordancewithaccountingprinciplesgenerallyacceptedintheUnitedStatesofAmerica(GAAP).Thecondensedc
46、onsolidatedfinancialstatements(unaudited),intheopinionofmanagement,containallnormalrecurringadjustmentsnecessarytopresentfairlytheconsolidatedbalancesheetsasofMay3,2024,andMay5,2023,andthestatementsofearnings,comprehensiveincome,shareholdersdeficit,andcashflowsforthe
47、threemonthsendedMay3,2024,andMay5,2023.TheFebruary2,2024,consolidatedbalancesheetwasderivedfromtheauditedfinancialstatements.Theseinterimcondensedconsolidatedfinancialstatements(unaudited)shouldbereadinconjunctionwiththeauditedconsolidatedfinancialstatementsandnotest
48、heretoincludedintheLowesCompanies,Inc.(theCompany)AnnualReportonForm10-KforthefiscalyearendedFebruary2,2024(theAnnualReport).Thefinancialresultsfortheinterimperiodsmaynotbeindicativeofthefinancialresultsfortheentirefiscalyear.AccountingPronouncementsNotYetAdo
49、ptedTherehavebeennosignificantchangesintheaccountingpronouncementsnotyetadoptedfromthosedisclosedintheAnnualReport.AccountingpronouncementsnotdisclosedinthisForm10-QorintheAnnualReportareeithernotapplicabletotheCompanyorarenotexpectedtohaveamaterialimpact
50、totheCompany.Note2:RevenueNetsalesconsistsprimarilyofrevenue,netofsalestax,associatedwithcontractswithcustomersforthesaleofgoodsandservicesinamountsthatreflectconsiderationtheCompanyisentitledtoinexchangeforthosegoodsandservices.Thefollowingtablepresentsthe
51、Companyssourcesofrevenue:(Inmillions)ThreeMonthsEndedMay3,2024May5,2023Products$20,691$21,572Services532528Other141247Netsales$21,364$22,347Aprovisionforanticipatedmerchandisereturnsisprovidedthroughareductionofsalesandcostofsalesintheperiodthattherelatedsales
52、arerecorded.Themerchandisereturnreserveispresentedonagrossbasis,withaseparateassetandliabilityincludedintheconsolidatedbalancesheets.Thebalancesandclassificationwithintheconsolidatedbalancesheetsforanticipatedsalesreturnsandtheassociatedrightofreturnassetsarea
53、sfollows:(Inmillions)ClassificationMay3,2024May5,2023February2,2024AnticipatedsalesreturnsOthercurrentliabilities$280$318$191RightofreturnassetsOthercurrentassets164185111Deferredrevenue-retailandstored-valuecardsRetaildeferredrevenueconsistsofamountsreceivedforwhichcu
54、stomershavenotyettakenpossessionofthemerchandiseorforwhichinstallationhasnotyetbeencompleted.Themajorityofrevenueforgoodsandservicesisrecognizedinthequarterfollowingrevenuedeferral.Stored-valuecardsdeferredrevenueincludesoutstandingstored-valuecardssuchasgift
55、cardsandreturnedmerchandisecreditsthathavenotyetbeenredeemed.Deferredrevenueforretailandstored-valuecardsareas5TableofContentsfollows:(Inmillions)May3,2024May5,2023February2,2024Retaildeferredrevenue$889$1,063$796Stored-valuecardsdeferredrevenue520582612Deferredreven
56、ue$1,409$1,645$1,408Deferredrevenue-LowesprotectionplansTheCompanydefersrevenuesforitsseparately-pricedlong-termextendedprotectionplancontracts(Lowesprotectionplans)andrecognizesrevenueonastraight-linebasisovertherespectivecontractterm.Expensesforclaimsarerecognizedin
57、costofsaleswhenincurred.(Inmillions)May3,2024May5,2023February2,2024Deferredrevenue-Lowesprotectionplans$1,225$1,206$1,225ThreeMonthsEnded(Inmillions)May3,2024May5,2023Lowesprotectionplansdeferredrevenuerecognizedintosales$139$136Lowesprotectionplansclaimexpenses5453D
58、isaggregationofRevenuesThefollowingtablepresentstheCompanysnetsalesdisaggregatedbymerchandisedivision:ThreeMonthsEndedMay3,2024May5,2023(Inmillions)NetSales%NetSales%HomeDcor$7,68336.0%$8,24036.9%BuildingProducts6,64331.16,85530.7Hardlines6,62831.06,74830.2Other410
59、1.95042.2Total$21,364100.0%$22,347100.0%Note:Merchandisedivisionnetsalesforthepriorperiodhavebeenreclassifiedtoconformtothecurrentperiodpresentation.HomeDcorincludesthefollowingproductcategories:Appliances,Dcor,Flooring,Kitchens&Bath,andPaint.BuildingProductsincludest
60、hefollowingproductcategories:BuildingMaterials,Electrical,Lumber,Millwork,andRoughPlumbing.Hardlinesincludesthefollowingproductcategories:Hardware,Lawn&Garden,Seasonal&OutdoorLiving,andTools.Note3:RestrictedInvestmentsShort-termandlong-terminvestmentsincluderestrictedbalancespl
61、edgedascollateralprimarilyfortheLowesprotectionplansprogramandareasfollows:(Inmillions)May3,2024May5,2023February2,2024Short-termrestrictedinvestments$264$423$307Long-termrestrictedinvestments306103252Totalrestrictedinvestments$570$526$559Note4:FairValueMeasurementsFai
62、rvalueisdefinedasthepricethatwouldbereceivedtosellanassetorpaidtotransferaliabilityinanorderlytransactionbetweenmarketparticipantsatthemeasurementdate.Theauthoritativeguidanceforfairvaluemeasurementsestablishesa1231236TableofContentsthree-levelhierarchy,wh
63、ichencouragesanentitytomaximizetheuseofobservableinputsandminimizetheuseofunobservableinputswhenmeasuringfairvalue.Thethreelevelsofthehierarchyaredefinedasfollows:Level1-inputstothevaluationtechniquesthatarequotedpricesinactivemarketsforidenticalassetsor
64、liabilitiesLevel2-inputstothevaluationtechniquesthatareotherthanquotedpricesbutareobservablefortheassetsorliabilities,eitherdirectlyorindirectlyLevel3-inputstothevaluationtechniquesthatareunobservablefortheassetsorliabilitiesAssetsandLiabilitiesthatareMeasured
65、atFairValueonaRecurringBasisThefollowingtablepresentstheCompanysfinancialassetsandliabilitiesmeasuredatfairvalueonarecurringbasisasofMay3,2024,May5,2023,andFebruary2,2024:FairValueMeasurementsat(Inmillions)ClassificationMeasurementLevelMay3,2024May5,2023February2,
66、2024Available-for-saledebtsecurities:U.S.TreasurysecuritiesShort-terminvestmentsLevel1$158$143$152MoneymarketfundsShort-terminvestmentsLevel15410856CertificatesofdepositShort-terminvestmentsLevel1276242CorporatedebtsecuritiesShort-terminvestmentsLevel2237250Municipaloblig
67、ationsShort-terminvestmentsLevel222CommercialpaperShort-terminvestmentsLevel2385U.S.TreasurysecuritiesLong-terminvestmentsLevel123192213CorporatedebtsecuritiesLong-terminvestmentsLevel258935ForeigngovernmentdebtsecuritiesLong-terminvestmentsLevel2174Municipalobligation
68、sLong-terminvestmentsLevel22Derivativeinstruments:Fixed-to-floatinginterestrateswapsOtherliabilitiesLevel2$81$69$76TherewerenotransfersbetweenLevels1,2,or3duringanyoftheperiodspresented.Whenavailable,quotedpriceswereusedtodeterminefairvalue.Whenquotedpricesinactiv
69、emarketswereavailable,financialassetswereclassifiedwithinLevel1ofthefairvaluehierarchy.Whenquotedpricesinactivemarketswerenotavailable,fairvaluesforfinancialassetsandliabilitiesclassifiedwithinLevel2weredeterminedusingpricingmodels,andtheinputstothosepricingm
70、odelswerebasedonobservablemarketinputs.Theinputstothepricingmodelsweretypicallybenchmarkyields,reportedtrades,broker-dealerquotes,issuerspreadsandbenchmarksecurities,amongothers.TheCompanyhasperformance-basedcontingentconsiderationrelatedtothefiscal2022saleoftheCan
71、adianretailbusinesswhichisclassifiedasaLevel3long-terminvestmentandsuchcontingentconsiderationhadanestimatedfairvalueofzeroasofMay3,2024,May5,2023,andFebruary2,2024.TheCompanysmeasurementsoffairvalueofthecontingentconsiderationarebasedonanincomeapproach,whic
72、hrequirescertainassumptionsconsideringoperatingperformanceofthebusinessandarisk-adjusteddiscountrate.Changesintheestimatedfairvalueofthecontingentconsiderationarerecognizedwithinselling,generalandadministrativeexpenses(SG&A)intheconsolidatedstatementsofearnings.Ther
73、ollforwardofthefairvalueofcontingentconsiderationforthethreemonthsendedMay3,2024andMay5,2023,isasfollows:ThreeMonthsEnded(Inmillions)May3,2024May5,2023Beginningbalance$21Changeinfairvalue102Proceedsreceived(123)Endingbalance$7TableofContentsAssetsandLiabilitiest
74、hatareMeasuredatFairValueonaNonrecurringBasisDuringthethreemonthsendedMay3,2024,andMay5,2023,theCompanyhadnomaterialmeasurementsofassetsandliabilitiesatfairvalueonanonrecurringbasissubsequenttotheirinitialrecognition.OtherFairValueDisclosuresTheCompanysfinan
75、cialassetsandliabilitiesnotmeasuredatfairvalueonarecurringbasisincludecashandcashequivalents,accountsreceivable,short-termborrowings,accountspayable,andlong-termdebtandarereflectedinthefinancialstatementsatcost.Withtheexceptionoflong-termdebt,costapproximatesfair
76、valuefortheseitemsduetotheirshort-termnature.AsfurtherdescribedinNote7,certainlong-termdebtisassociatedwithafairvaluehedgeandthechangesinfairvalueofthehedgeddebtisincludedinthecarryingvalueoflong-termdebtintheconsolidatedbalancesheets.Thefairvaluesoft
77、heCompanysunsecurednoteswereestimatedusingquotedmarketprices.ThefairvaluesoftheCompanysmortgagenoteswereestimatedusingdiscountedcashflowanalyses,basedonthefuturecashoutflowsassociatedwiththesearrangementsanddiscountedusingtheapplicableincrementalborrowingrate.Ca
78、rryingamountsandtherelatedestimatedfairvalueoftheCompanyslong-termdebt,excludingfinanceleaseobligations,areasfollows:May3,2024May5,2023February2,2024(Inmillions)CarryingAmountFairValueCarryingAmountFairValueCarryingAmountFairValueUnsecurednotes(Level1)$35,410$31,618$35,898$
79、32,525$35,409$32,757Mortgagenotes(Level2)112222Long-termdebt(excludingfinanceleaseobligations)$35,411$31,619$35,900$32,527$35,411$32,759Note5:AccountsPayableTheCompanyhasanagreementwithathirdpartytoprovideasupplierfinanceprogramwhichfacilitatesparticipatingsuppliers
80、abilitytofinancepaymentobligationsfromtheCompanywithdesignatedthird-partyfinancialinstitutions.Participatingsuppliersmay,attheirsolediscretion,makeofferstofinanceoneormorepaymentobligationsoftheCompanypriortotheirscheduledduedatesatadiscountedpricetoparticipati
81、ngfinancialinstitutions.TheCompanysoutstandingpaymentobligationsthatsuppliersfinancedtoparticipatingfinancialinstitutions,whichareincludedinaccountspayableontheconsolidatedbalancesheets,areasfollows:(Inmillions)May3,2024May5,2023February2,2024Financedpaymentobligations$1
82、,599$1,894$1,356Note6:DebtTheCompanyscommercialpaperprogramissupportedbythe$2.0billionfive-yearunsecuredrevolvingcreditagreemententeredintoinSeptember2023(2023CreditAgreement),whichamendedandrestatedtheCompanys$2.0billionfive-yearunsecuredrevolvingcreditagreementen
83、teredintoinMarch2020,andasamended(2020CreditAgreement),andthe$2.0billionfive-yearunsecuredthirdamendedandrestatedcreditagreemententeredintoinDecember2021,andasamended(ThirdAmendedandRestatedCreditAgreement).Theamountsavailabletobedrawnunderthe2023CreditAgreemen
84、tandtheThirdAmendedandRestatedCreditAgreementarereducedbytheamountofborrowingsunderthecommercialpaperprogram.AsofMay3,2024,andFebruary2,2024,therewerenooutstandingborrowingsundertheCompanyscommercialpaperprogram,the2023CreditAgreement,ortheThirdAmendedandRes
85、tatedCreditAgreement.Totalcombinedavailabilityunderthe2023CreditAgreementandtheThirdAmendedandRestatedCreditAgreementwas$4.0billionasofMay3,2024.OutstandingborrowingsundertheCompanyscommercialpaperprogramwere$72million,withaweightedaverageinterestrateof5.75%,aso
86、fMay5,2023.Therewerenooutstandingborrowingsunderthe2020CreditAgreementortheThirdAmendedandRestatedCreditAgreementasofMay5,2023.8TableofContentsNote7:DerivativeInstrumentsTheCompanyutilizesfixed-to-floatinginterestrateswapagreementsasfairvaluehedgesoncertaindeb
87、t.ThenotionalamountsfortheCompanysmaterialderivativeinstrumentsareasfollows:(Inmillions)May3,2024May5,2023February2,2024Fairvaluehedges:Fixed-to-floatinginterestrateswapagreements$850$850$850SeeNote4forthegrossfairvaluesoftheCompanysoutstandingderivativefinancialin
88、strumentsandcorrespondingfairvalueclassifications.ThecashflowsrelatedtosettlementoftheCompanyshedgingderivativefinancialinstrumentsareclassifiedintheconsolidatedstatementsofcashflowsbasedonthenatureoftheunderlyinghedgeditems.TheCompanyaccountsforthefixed-to-floa
89、tinginterestrateswapagreementsasfairvaluehedgesusingtheshortcutmethodofaccountingunderwhichthehedgesareassumedtobeperfectlyeffective.Thus,thechangeinfairvalueofthederivativeinstrumentsoffsetsthechangeinfairvalueonthehedgeddebt,andthereisnonetimpactinth
90、econsolidatedstatementsofearningsfromthefairvalueofthederivatives.Note8:ShareholdersDeficitTheCompanyhasasharerepurchaseprogramthatisexecutedthroughpurchasesmadefromtimetotimeeitherintheopenmarket,whichmaybemadeunderpre-settradingplansmeetingtherequirements
91、ofRule10b5-1(c)oftheSecuritiesExchangeActof1934,orthroughprivateoff-markettransactions.Sharespurchasedundertherepurchaseprogramarereturnedtoauthorizedandunissuedstatus.Anyexcessofcostoverparvalueischargedtoadditionalpaid-incapitaltotheextentthatabalanceispr
92、esent.Onceadditionalpaid-incapitalisfullydepleted,remainingexcessofcostoverparvalueischargedtoaccumulateddeficit.AsofMay3,2024,theCompanyhad$13.9billionremaininginitssharerepurchaseprogram.DuringthethreemonthsendedMay3,2024,theCompanyenteredintoanAcceleratedSh
93、areRepurchase(ASR)agreementwithathird-partyfinancialinstitutiontorepurchaseatotalof1.3millionsharesoftheCompanyscommonstockfor$325million.ThetermsoftheASRagreemententeredintoduringthethreemonthsendedMay3,2024,areasfollows(inmillions):AgreementExecutionDateAgreeme
94、ntSettlementDateASRAgreementAmountInitialSharesDeliveredatInceptionAdditionalSharesDeliveredatSettlementTotalSharesDeliveredQ12024Q12024$3251.10.21.3Inaddition,theCompanyrepurchasedsharesofitscommonstockthroughtheopenmarketasfollows:ThreeMonthsEndedMay3,2024(Inmillio
95、ns)SharesCostOpenmarketsharerepurchases1.4$327TheCompanyalsowithholdssharesfromemployeestosatisfyeithertheexercisepriceofstockoptionsexercisedorthestatutorywithholdingtaxliabilityresultingfromthevestingofshare-basedawards.Totalsharesrepurchasedforthethreemonths
96、endedMay3,2024,andMay5,2023,wereasfollows:ThreeMonthsEndedMay3,2024May5,2023(Inmillions)SharesCostSharesCostSharerepurchaseprogram2.7$6529.9$2,019Shareswithheldfromemployees0.3910.7130Totalsharerepurchases3.0$74310.6$2,149Includesexcisetaxonsharerepurchasesinexcess
97、ofissuancesaspartofthecostbasisofthesharesacquired.119TableofContentsNote9:EarningsPerShareTheCompanycalculatesbasicanddilutedearningspercommonshareusingthetwo-classmethod.ThefollowingtablereconcilesearningspercommonshareforthethreemonthsendedMay3,2024,and
98、May5,2023:ThreeMonthsEnded(Inmillions,exceptpersharedata)May3,2024May5,2023Basicearningspercommonshare:Netearnings$1,755$2,260Less:Netearningsallocabletoparticipatingsecurities(5)(6)Netearningsallocabletocommonshares,basic$1,750$2,254Weighted-averagecommonsharesoutstandi
99、ng571596Basicearningspercommonshare$3.06$3.78Dilutedearningspercommonshare:Netearnings$1,755$2,260Less:Netearningsallocabletoparticipatingsecurities(5)(6)Netearningsallocabletocommonshares,diluted$1,750$2,254Weighted-averagecommonsharesoutstanding571596Dilutiveeffectof
100、non-participatingshare-basedawards11Weighted-averagecommonshares,asadjusted572597Dilutedearningspercommonshare$3.06$3.77Anti-dilutivesecuritiesexcludedfromdilutedweighted-averagecommonshares0.40.6Note10:SupplementalDisclosureNetinterestexpenseiscomprisedofthefollowin
101、g:ThreeMonthsEnded(Inmillions)May3,2024May5,2023Long-termdebt$363$343Short-termborrowings14Leaseobligations66Interestincome(21)(16)Interestcapitalized(1)(1)Interestontaxuncertainties3Other23Interestnet$352$34910TableofContentsSupplementaldisclosuresofcashflowinformation
102、:ThreeMonthsEnded(Inmillions)May3,2024May5,2023Cashpaidforinterest,netofamountcapitalized$689$383Cashpaidforincometaxesnet291,234Non-cashinvestingandfinancingactivities:Leasedassetsobtainedinexchangefornewfinanceleaseliabilities$19$4Leasedassetsobtainedinexchange
103、fornewoperatingleaseliabilities22898Cashdividendsdeclaredbutnotpaid629624Cashpaidforincometaxes-netforthethreemonthsendedMay5,2023included$1.2billionofestimatedincometaxpaymentsforthethirdandfourthquarteroffiscal2022thatweredeferredundertheInternalReve
104、nueServicesincometaxreliefforbusinesseslocatedinstatesaffectedbyHurricaneIan.Excludes$16millionofleasessignedbutnotyetcommencedasofMay3,2024.121211TableofContentsREPORTOFINDEPENDENTREGISTEREDPUBLICACCOUNTINGFIRMTotheBoardofDirectorsandShareholdersofLowesCo
105、mpanies,Inc.ResultsofReviewofInterimFinancialInformationWehavereviewedtheaccompanyingconsolidatedbalancesheetsofLowesCompanies,Inc.andsubsidiaries(the“Company”)asofMay3,2024andMay5,2023,therelatedconsolidatedstatementsofearnings,comprehensiveincome,shareholdersdeficit,a
106、ndcashflows,forthefiscalthree-monthperiodsendedMay3,2024andMay5,2023,andtherelatednotes(collectivelyreferredtoasthe“interimfinancialinformation”).Basedonourreviews,wearenotawareofanymaterialmodificationsthatshouldbemadetotheaccompanyinginterimfinancialinformati
107、onforittobeinconformitywithaccountingprinciplesgenerallyacceptedintheUnitedStatesofAmerica.Wehavepreviouslyaudited,inaccordancewiththestandardsofthePublicCompanyAccountingOversightBoard(UnitedStates)(PCAOB),theconsolidatedbalancesheetoftheCompanyasofFebruary2,
108、2024,andtherelatedconsolidatedstatementsofearnings,comprehensiveincome,shareholdersdeficit,andcashflowsforthefiscalyearthenended(notpresentedherein);andinourreportdatedMarch25,2024,weexpressedanunqualifiedopiniononthoseconsolidatedfinancialstatements.Inouropinion,the
109、informationsetforthintheaccompanyingconsolidatedbalancesheetasofFebruary2,2024,isfairlystated,inallmaterialrespects,inrelationtotheconsolidatedbalancesheetfromwhichithasbeenderived.BasisforReviewResultsThisinterimfinancialinformationistheresponsibilityoftheCo
110、mpanysmanagement.WeareapublicaccountingfirmregisteredwiththePCAOBandarerequiredtobeindependentwithrespecttotheCompanyinaccordancewiththeU.S.federalsecuritieslawsandtheapplicablerulesandregulationsoftheSecuritiesandExchangeCommissionandthePCAOB.Weconductedou
111、rreviewinaccordancewithstandardsofthePCAOB.Areviewofinterimfinancialinformationconsistsprincipallyofapplyinganalyticalproceduresandmakinginquiriesofpersonsresponsibleforfinancialandaccountingmatters.Itissubstantiallylessinscopethananauditconductedinaccordancew
112、iththestandardsofthePCAOB,theobjectiveofwhichistheexpressionofanopinionregardingthefinancialstatementstakenasawhole.Accordingly,wedonotexpresssuchanopinion./s/DELOITTE&TOUCHELLPCharlotte,NorthCarolinaMay30,202412TableofContentsItem2.MANAGEMENTSDISCUSSIONANDANALYS
113、ISOFFINANCIALCONDITIONANDRESULTSOFOPERATIONSThisdiscussionandanalysissummarizesthesignificantfactorsaffectingourconsolidatedoperatingresults,liquidityandcapitalresourcesduringthethreemonthsendedMay3,2024,andMay5,2023.Thisdiscussionandanalysisshouldbereadinconjun
114、ctionwiththeconsolidatedfinancialstatementsandnotestotheconsolidatedfinancialstatementsthatareincludedinourAnnualReportonForm10-KforthefiscalyearendedFebruary2,2024(theAnnualReport),aswellastheconsolidatedfinancialstatements(unaudited)andnotestotheconsolidated
115、financialstatements(unaudited)containedinthisreport.Unlessotherwisespecified,allcomparisonsmadearetothecorrespondingperiodoffiscal2023.Thisdiscussionandanalysisispresentedinfoursections:ExecutiveOverviewOperationsFinancialCondition,LiquidityandCapitalResourcesCriticalAcc
116、ountingPoliciesandEstimatesEXECUTIVEOVERVIEWThefollowingtablehighlightsourfinancialresults:ThreeMonthsEnded(inmillions,exceptpersharedata)May3,2024May5,2023Netsales$21,364$22,347Netearnings1,7552,260Dilutedearningspershare$3.06$3.77AdjusteddilutedearningspershareN/A3.6
117、7Netcashprovidedbyoperatingactivities$4,262$2,106Capitalexpenditures382380Repurchasesofcommonstock7432,149Cashdividendpayments633633Adjusteddilutedearningspershareisanon-GAAPfinancialmeasure.Seebelowforadditionalinformationandareconciliationofnon-GAAPmeasures.Re
118、purchasesofcommonstockonatrade-datebasis.Netsalesinthefirstquarteroffiscal2024declined4.4%to$21.4billioncomparedtonetsalesof$22.3billioninthefirstquarteroffiscal2023.Comparablesalesforthefirstquarteroffiscal2024decreased4.1%,consistingofa3.1%decreaseincom
119、parablecustomertransactionsanda1.0%decreaseincomparableaverageticket.Netearningsinthefirstquarteroffiscal2024were$1.8billion,comparedtonetearningsof$2.3billioninthefirstquarteroffiscal2023.Dilutedearningspercommonsharewere$3.06inthefirstquarteroffiscal2024c
120、omparedto$3.77inthefirstquarteroffiscal2023.Includedinthefirstquarterof2023resultswaspre-taxincomeof$63millionassociatedwiththefiscal2022saleoftheCanadianretailbusiness,whichincreaseddilutedearningspercommonshareby$0.10.Excludingtheimpactofthisitem,adjustedd
121、ilutedearningspercommonsharewas$3.67inthefirstquarterof2023(seethenon-GAAPfinancialmeasuresdiscussion).Forthefirstthreemonthsoffiscal2024,cashflowsfromoperatingactivitieswereapproximately$4.3billion,with$382millionusedforcapitalexpenditures.Continuingtodeliveron
122、ourcommitmenttoreturnexcesscashtoshareholders,duringthethreemonthsendedMay3,2024,werepurchased$743millionofcommonstockandpaid$633millionindividends.Firstquarterfiscal2024comparablesalesdeclined4.1%aswecontinuetoexperiencepressureinDo-It-Yourself(DIY)bigger-ticket
123、discretionaryspending.Despitethispressure,wedeliveredbetter-than-expectedspringseasonalsales,particularlyinLawn&Gardenwhichhadpositivecomparablesalesinthequarter.Wealsocompletedthenationalroll-outofourDIYloyaltyprogram,MyLowesRewards,whichisdesignedtorewardcustomers
124、forchoosingLowesfortheirhomeimprovementneeds.1212TM13TableofContentsWecontinuetogaintractionwithourTotalHomestrategyasdemonstratedbypositivecomparablesaleswithourProcustomersasourinvestmentstoimproveservicelevelsresonatewiththesecustomers.Wealsohadgrowthin
125、onlinesalesasweexpandedouromnichannelfulfillmentofferings.WebelieveourcontinuedfocusonourPerpetualProductivityImprovementinitiatives,combinedwithourongoinginvestmentsinourTotalHomestrategyallowsustoperformefficientlyinthisuncertainmacroeconomicenvironmentandposi
126、tionsusformarketsharegrowthwhenthehomeimprovementmarketrecovers,whilecontinuingtodrivemeaningfullong-termshareholdervalue.OPERATIONSThefollowingtablesetsforththepercentagerelationshiptonetsalesofeachlineitemoftheconsolidatedstatementsofearnings(unaudited),aswell
127、asthepercentagechangeindollaramountsfromthepriorperiod.Thistableshouldbereadinconjunctionwiththefollowingdiscussionandanalysisandtheconsolidatedfinancialstatements(unaudited),includingtherelatednotestotheconsolidatedfinancialstatements(unaudited).ThreeMonthsEndedB
128、asisPointIncrease/(Decrease)inPercentageofNetSalesfromPriorPeriodMay3,2024May5,20232023vs.2022Netsales100.00%100.00%N/AGrossmargin33.1933.68(49)Expenses:Selling,generalandadministrative18.7717.12165Depreciationandamortization2.001.8515Operatingincome12.4214.71(229)Interestnet1
129、.651.569Pre-taxearnings10.7713.15(238)Incometaxprovision2.563.04(48)Netearnings8.21%10.11%(190)Thefollowingtablesetsforthkeymetricsutilizedbymanagementinassessingbusinessperformance.Thistableshouldbereadinconjunctionwiththefollowingdiscussionandanalysisandtheconsol
130、idatedfinancialstatements(unaudited),includingtherelatednotestotheconsolidatedfinancialstatements(unaudited).ThreeMonthsEndedOtherMetricsMay3,2024May5,2023Comparablesalesdecrease(4.1)%(4.3)%Totalcustomertransactions(inmillions)208214Averageticket$102.87$104.44Atendofperiod
131、:Numberofstores1,7461,738Salesfloorsquarefeet(inmillions)195195Averagestoresizesellingsquarefeet(inthousands)112112Netearningstoaveragedebtandshareholdersdeficit28.1%24.2%Returnoninvestedcapital32.6%28.0%Acomparablelocationisdefinedasaretaillocationthathasbeen
132、openlongerthan13months.Alocationthatisidentifiedforrelocationisnolongerconsideredcomparableinthemonthofitsrelocation.Therelocatedlocationmustthenremainopenlongerthan13monthstobeconsideredcomparable.Alocationwedecidetocloseisnolongerconsideredcomparableas
133、ofthebeginningofthemonthinwhichweannounceitsclosing.Operatinglocationswhicharesoldareincludedincomparablesalesuntilthedateofsale.Comparablesalesarepresentedonatransactedbasiswhentenderisacceptedfromacustomer.Comparablesalesincludeonlinesales,whichpositively
134、1234114TableofContentsimpactedfirstquarterfiscal2024andfiscal2023comparablesalesbyapproximately10basispointsand60basispoints,respectively.Thecomparablestoresalescalculationincludedintheprecedingtablewascalculatedusingcomparable13-weekperiods.Averageticketisdefine
135、dasnetsalesdividedbythetotalnumberofcustomertransactions.Averagestoresizesellingsquarefeetisdefinedassalesfloorsquarefeetdividedbythenumberofstoresopenattheendoftheperiod.Returnoninvestedcapitaliscalculatedusinganon-GAAPfinancialmeasure.Seebelowforadd
136、itionalinformationandreconciliationsofnon-GAAPmeasures.Non-GAAPFinancialMeasuresAdjustedDilutedEarningsPerShareAdjusteddilutedearningspershareisconsideredanon-GAAPfinancialmeasure.TheCompanybelievesthisnon-GAAPfinancialmeasureprovidesusefulinsightforanalystsandinves
137、torsinunderstandingthecomparisonofoperationalperformancetothefirstquarteroffiscal2023.Adjusteddilutedearningspershareexcludestheimpactofacertainitem,furtherdescribedbelow,notcontemplatedintheCompanysbusinessoutlookforfiscal2023.Therewerenonon-GAAPadjustmentsto
138、dilutedearningspershareforthethreemonthsendedMay3,2024.Fiscal2023ImpactsInthefirstquarteroffiscal2023,theCompanyrecognizedpre-taxincomeof$63millionconsistingofarealizedgainonthecontingentconsiderationandadjustmentstothesellingpriceassociatedwiththefiscal20
139、22saleoftheCanadianretailbusiness(Canadianretailbusinesstransaction).Adjusteddilutedearningspershareshouldnotbeconsideredanalternativeto,ormoremeaningfulindicatorof,theCompanysdilutedearningspercommonshareaspreparedinaccordancewithGAAP.TheCompanysmethodsofdeter
140、miningnon-GAAPfinancialmeasuresmaydifferfromthemethodusedbyothercompaniesandmaynotbecomparable.ThreeMonthsEndedMay5,2023Pre-TaxEarningsTaxNetEarningsDilutedearningspershare,asreported$3.77Non-GAAPadjustmentspershareimpactsCanadianretailbusinesstransaction(0.10)(0.10)
141、Adjusteddilutedearningspershare$3.67Representsthecorrespondingtaxbenefitorexpensespecificallyrelatedtotheitemexcludedfromadjusteddilutedearningspershare.ReturnonInvestedCapitalReturnonInvestedCapital(ROIC)iscalculatedusinganon-GAAPfinancialmeasure.Managementbeliev
142、esROICisameaningfulmetricforanalystsandinvestorsasameasureofhoweffectivelytheCompanyisusingcapitaltogeneratefinancialreturns.AlthoughROICisacommonfinancialmetric,numerousmethodsexistforcalculatingROIC.Accordingly,themethodusedbyourmanagementmaydifferfromthe
143、methodsusedbyothercompanies.WeencourageyoutounderstandthemethodsusedbyanothercompanytocalculateROICbeforecomparingitsROICtoours.WedefineROICastherolling12monthsleaseadjustednetoperatingprofitaftertax(LeaseadjustedNOPAT)dividedbytheaverageofcurrentyearand
144、prioryearendingdebtandshareholdersdeficit.LeaseadjustedNOPATisanon-GAAPfinancialmeasure,andnetearningsisconsideredtobethemostcomparableGAAPfinancialmeasure.ThecalculationofROIC,togetherwithareconciliationofnetearningstoLeaseadjustedNOPAT,isasfollows:2341115Tabl
145、eofContentsForthePeriodsEnded(Inmillions,exceptpercentagedata)May3,2024May5,2023CalculationofReturnonInvestedCapitalNumeratorNetEarnings$7,221$6,364Plus:Interestexpensenet1,3841,228Operatingleaseinterest162160Provisionforincometaxes2,3172,553Leaseadjustednetoperating
146、profit11,08410,305Less:Incometaxadjustment2,6922,950Leaseadjustednetoperatingprofitaftertax$8,392$7,355DenominatorAveragedebtandshareholdersdeficit$25,720$26,269Netearningstoaveragedebtandshareholdersdeficit28.1%24.2%Returnoninvestedcapital32.6%28.0%Incometaxadjustme
147、ntisdefinedasleaseadjustednetoperatingprofitmultipliedbytheeffectivetaxrate,whichwas24.3%and28.6%fortheperiodsendedMay3,2024,andMay5,2023,respectively.Averagedebtandshareholdersdeficitisdefinedasaveragecurrentyearandprioryearendingdebt,includingcurrentmaturit
148、ies,short-termborrowings,andoperatingleaseliabilities,plustheaveragecurrentyearandprioryearendingtotalshareholdersdeficit.FortheperiodendedMay5,2023,returnoninvestedcapitalwasnegativelyimpacted725basispointsasaresultofthesaleoftheCanadianretailbusiness.Results
149、ofOperationsNetSalesNetsalesforthefirstquarteroffiscal2024decreased4.4%to$21.4billion.Comparablesalesdeclined4.1%consistingofa3.1%decreaseincomparablecustomertransactionsanda1.0%decreaseincomparableaverageticket.Duringthefirstquarteroffiscal2024,weexperiencedcom
150、parablesalesincreasesintwoof14productcategories:Lawn&GardenandBuildingMaterials.PositivecomparablesalesinLawn&GardenwasdrivenbysmallerticketprojectswithinLandscapeProductsandLiveGoods.GrowthinBuildingMaterialsreflectsstrongdemandwiththeProcustomer,demonstratingim
151、provementfromourinvestmentsinourProproductandserviceofferings,includingourenhancedassortment.GrossMarginForthefirstquarteroffiscal2024,grossmargindecreased49basispointsasapercentageofsales.Thegrossmargincontractionforthequarterisdrivenbyhighercostsassociated
152、withinvestmentsinoursupplychain,targetedspringpromotions,particularlyinLawn&Garden,andadeclineincreditrevenue,partiallyoffsetbylowertransportationcostsandotherproductivityinitiatives.SG&AForthefirstquarteroffiscal2024,SG&Aexpensedeleveraged165basispointsasapercen
153、tageofsalescomparedtothefirstquarteroffiscal2023dueprimarilytocyclingtheprioryearfavorablelegalsettlementandgainoncontingentconsiderationassociatedwiththefiscal2022saleoftheCanadianretailbusiness,aswellascurrentyearfixedcostdeleverageduetolowersales.Depre
154、ciationandAmortizationDepreciationandamortizationdeleveraged15basispointsforthefirstquarteroffiscal2024comparedtotheprioryearprimarilyduetolowersales.InterestNetInterestexpenseforthefirstquarteroffiscal2024deleveragedninebasispointsasapercentageofsales,pri
155、marilyduetolowersales.IncomeTaxProvisionOureffectiveincometaxrateswere23.7%and23.1%forthethreemonthsendedMay3,2024andMay5,2023,respectively.12312316TableofContentsFINANCIALCONDITION,LIQUIDITYANDCAPITALRESOURCESSourcesofLiquidityCashflowsfromoperations,combinedwi
156、thourcontinuedaccesstocapitalmarketsonbothashort-termandlong-termbasis,asneeded,remainadequatetofundouroperations,makestrategicinvestmentstosupportlong-termgrowth,returnexcesscashtoshareholdersintheformofdividendsandsharerepurchases,andrepaydebtmaturitiesasthe
157、ybecomedue.Webelievethesesourcesofliquiditywillcontinuetosupportourbusinessforthenexttwelvemonths.AsofMay3,2024,weheld$3.2billionofcashandcashequivalents,aswellas$4.0billioninundrawncapacityonourrevolvingcreditfacilities.CashFlowsProvidedbyOperatingActiviti
158、esThreeMonthsEnded(Inmillions)May3,2024May5,2023Netcashprovidedbyoperatingactivities$4,262$2,106Cashflowsfromoperatingactivitiescontinuedtoprovidetheprimarysourceofourliquidity.TheincreaseinnetcashprovidedbyoperatingactivitiesforthethreemonthsendedMay3,2024,comp
159、aredtothethreemonthsendedMay5,2023,wasprimarilydrivenbytimingofprioryearincometaxpaymentsandotherchangesinworkingcapital,partiallyoffsetbylowernetearnings.Cashflowsrelatingtochangesinotheroperatingliabilitiesimproved$1.4billiondrivenbythefirstquarteroffisca
160、l2023paymentofourthirdandfourthquarterfiscal2022estimatedfederaltaxpaymentsthatweredeferredundertheincometaxreliefannouncedbytheInternalRevenueServiceforbusinesseslocatedinstatesimpactedbyHurricaneIan.Inaddition,cashflowsrelatingtochangesinaccountspayablei
161、mproved$1.7billionprimarilyduetotimingofpurchasesaswemanagedinventoryreplenishmentinlinewithsalestrendsandlaterspringinventorybuild.CashFlowsUsedinInvestingActivitiesThreeMonthsEnded(Inmillions)May3,2024May5,2023Netcashusedininvestingactivities$(378)$(304)Netcash
162、usedininvestingactivitiesprimarilyconsistsoftransactionsrelatedtocapitalexpenditures.Ourcapitalexpendituresgenerallyconsistofinvestmentsinourstrategicinitiativestoenhanceourabilitytoservecustomers,improveexistingstores,andsupportexpansionplans.Capitalexpenditureswe
163、re$382millionand$380millionforthethreemonthsendedMay3,2024,andMay5,2023,respectively.Forfiscal2024,ourguidanceforcapitalexpendituresisapproximately$2.0billion.CashFlowsUsedinFinancingActivitiesThreeMonthsEnded(Inmillions)May3,2024May5,2023Netcashusedinfinancingactiv
164、ities$(1,568)$(200)Netcashusedinfinancingactivitiesprimarilyconsistsoftransactionsrelatedtoourdebt,sharerepurchases,andcashdividendpayments.DebtOurcommercialpaperprogramissupportedbythe2023CreditAgreementandtheThirdAmendedandRestatedCreditAgreement.Theamountsavai
165、labletobedrawnunderthe2023CreditAgreementandtheThirdAmendedandRestatedCreditAgreementarereducedbytheamountofborrowingsunderourcommercialpaperprogram.Therewerenooutstandingborrowingsunderourcommercialpaperprogram,2023CreditAgreement,ortheThirdAmendedandRestate
166、dCreditAgreementasofMay3,2024.Totalcombinedavailabilityunderthe2023CreditAgreementandtheThirdAmendedandRestatedCreditAgreementasofMay3,2024was$4.0billion.The2023CreditAgreementandtheThirdAmendedandRestatedCreditAgreementcontaincustomaryrepresentations,warranti
167、es,andcovenants.WewereincompliancewiththosecovenantsatMay3,2024.17TableofContentsThefollowingtableincludesadditionalinformationrelatedtoourdebtforthethreemonthsendedMay3,2024,andMay5,2023:ThreeMonthsEnded(Inmillions)May3,2024May5,2023Netproceedsfromissuanceofde
168、bt$2,983Repaymentofdebt(22)(22)Netchangeincommercialpaper(427)Maximumcommercialpaperoutstandingatanyperiod2502,195Short-termborrowingsoutstandingatquarter-end72Weighted-averageinterestrateofshort-termborrowingsoutstanding%5.75%ShareRepurchasesWehaveanongoingsharerepu
169、rchaseprogram,authorizedbytheCompanysBoardofDirectors,thatisexecutedthroughpurchasesmadefromtimetotimeeitherintheopenmarketorthroughprivateoff-markettransactions.Wealsowithholdsharesfromemployeestosatisfytaxwithholdingliabilities.Sharesrepurchasedareretiredandr
170、eturnedtoauthorizedandunissuedstatus.Thefollowingtableprovides,onasettlementdatebasis,thetotalnumberofsharesrepurchased,averagepricepaidpershare,andthetotalcashusedtorepurchasesharesforthethreemonthsendedMay3,2024,andMay5,2023:ThreeMonthsEnded(Inmillions,except
171、persharedata)May3,2024May5,2023Totalamountpaidforsharerepurchases$923$2,106Totalnumberofsharesrepurchased4.010.5Averagepricepaidpershare$229.53$201.41Excludesunsettledsharerepurchasesandunpaidexcisetaxes.AsofMay3,2024,wehad$13.9billionremainingavailableunderour
172、sharerepurchaseprogramwithnoexpirationdate.TheCompanydeterminesthetimingandamountofrepurchasesbasedonitsassessmentofvariousfactorsincludingprevailingmarketconditions,alternateusesofcapital,liquidity,andtheeconomicenvironment,amongothers.Thetimingandamountofthesesh
173、arerepurchasesaresubjecttochangeatanytime.DividendsDividendsarepaidinthequarterimmediatelyfollowingthequarterinwhichtheyaredeclared.Dividendspaidpershareincreasedfrom$1.05pershareforthethreemonthsendedMay5,2023,to$1.10pershareforthethreemonthsendedMay3,202
174、4.CapitalResourcesWeexpecttocontinuetohaveaccesstothecapitalmarketsonbothashort-termandlong-termbasiswhenneededforliquiditypurposesbyissuingcommercialpaperornewlong-termdebt.Theavailabilityandtheborrowingcostsofthesefundscouldbeadverselyaffected,however,bya
175、downgradeofourdebtratingsoradeteriorationofcertainfinancialratios.ThetablebelowreflectsourdebtratingsbyStandard&Poors(S&P)andMoodysasofMay30,2024,whichwearedisclosingtoenhanceunderstandingofoursourcesofliquidityandtheeffectofourratingsonourcostoffunds.Our
176、debtratingshavegiven,andshouldcontinuetogive,ustheoptiontorefinanceourdebtasitbecomesdue.Ourcommercialpaperandseniordebtratingsmaybesubjecttorevisionorwithdrawalatanytimebytheassigningratingorganization,andeachratingshouldbeevaluatedindependentlyofanyoth
177、errating.DebtRatingsS&PMoodysCommercialPaperA-2P-2SeniorDebtBBB+Baa1SeniorDebtOutlookStableStableTherearenoprovisionsinanyagreementsthatwouldrequireearlycashsettlementofexistingdebtorleasesasaresultofadowngradeinourdebtratingoradecreaseinourstockprice.1118Tabl
178、eofContentsCRITICALACCOUNTINGPOLICIESANDESTIMATESOursignificantaccountingpoliciesaredescribedinNote1totheconsolidatedfinancialstatementspresentedintheAnnualReport.Ourcriticalaccountingpoliciesandestimatesaredescribedin“Item7-ManagementsDiscussionandAnalysisofFina
179、ncialConditionandResultsofOperations”intheAnnualReport.OursignificantandcriticalaccountingpoliciesandestimateshavenotchangedsignificantlysincethefilingoftheAnnualReport.Item3.-QuantitativeandQualitativeDisclosuresaboutMarketRiskTheCompanyisexposedtocertainmarket
180、risks,includingchangesininterestratesandcommodityprices.TheCompanysmarketriskshavenotchangedmateriallyfromthosedisclosedintheAnnualReportforthefiscalyearendedFebruary2,2024.Item4.-ControlsandProceduresTheCompanysmanagement,withtheparticipationoftheChiefExecutiv
181、eOfficerandtheChiefFinancialOfficer,hasevaluatedtheeffectivenessoftheCompanys“disclosurecontrolsandprocedures,”(assuchtermisdefinedinRule13a-15(e)promulgatedundertheSecuritiesExchangeActof1934,asamended(theExchangeAct).Basedupontheirevaluation,theChiefExecutiveOff
182、icerandtheChiefFinancialOfficerconcludedthat,asofMay3,2024,theCompanysdisclosurecontrolsandprocedureswereeffectiveforthepurposeofensuringthattheinformationrequiredtobedisclosedinthereportsthattheCompanyfilesorsubmitsundertheExchangeActwiththeSEC(1)isrecord
183、ed,processed,summarized,andreportedwithinthetimeperiodsspecifiedintheSECsrulesandforms,and(2)isaccumulatedandcommunicatedtotheCompanysmanagement,includingitsprincipalexecutiveandprincipalfinancialofficers,asappropriatetoallowtimelydecisionsregardingrequireddisclosure.
184、TheCompanyisundergoingamulti-yeartechnologytransformationwhichincludesupdatingandmodernizingourmerchandisesellingsystem,aswellascertainaccountingandfinancesystems.Theseupdatesareexpectedtocontinueforthenextfewyears,andmanagementwillcontinuetoevaluatethedesignan
185、dimplementationoftheCompanysinternalcontrolsoverfinancialreportingasthetransformationcontinues.NochangeintheCompanysinternalcontroloverfinancialreportingoccurredduringthequarterendedMay3,2024,thathasmateriallyaffected,orisreasonablylikelytomateriallyaffect,theCo
186、mpanysinternalcontroloverfinancialreporting.19TableofContentsPartIIOTHERINFORMATIONItem1.-LegalProceedingsInadditiontothematterreferencedinourannualreportonForm10-KforthefiscalyearendedFebruary2,2024,theCompanyisfromtimetotimeapartytovariouslawsuits,claimsand
187、otherlegalproceedingsthatariseintheordinarycourseofbusiness.Withrespecttosuchlawsuits,claimsandproceedings,theCompanyrecordsreserveswhenitisprobablealiabilityhasbeenincurredandtheamountoflosscanbereasonablyestimated.TheCompanyappliesathresholdof$1,000,000for
188、purposesofdisclosingenvironmentalproceedingsinvolvingagovernmentalauthority,ifany,underthisItem1.TheCompanydoesnotbelievethatanyoftheseproceedings,individuallyorintheaggregate,wouldbeexpectedtohaveamaterialadverseeffectonitsresultsofoperations,financialposition
189、orcashflows.TheCompanymaintainsliabilityinsuranceforcertainrisksthataresubjecttocertainself-insurancelimits.Item1A.-RiskFactorsTherehavebeennomaterialchangesintheCompanysriskfactorsfromthosedisclosedinPartI,“Item1A.RiskFactors”inourAnnualReportfiledwiththeS
190、EConMarch25,2024.Item2.-UnregisteredSalesofEquitySecuritiesandUseofProceedsIssuerPurchasesofEquitySecuritiesThefollowingtablesetsforthinformationwithrespecttopurchasesoftheCompanyscommonstockonatradedatebasismadeduringthethreemonthsendedMay3,2024:TotalNumb
191、erofSharesPurchasedAveragePricePaidperShareTotalNumberofSharesPurchasedasPartofPubliclyAnnouncedPlansorProgramsApproximateDollarValueofSharesthatMayYetBePurchasedUnderthePlansorProgramsFebruary3,2024-March1,20241,146,937$242.741,146,709$14,247,002,425March2,2024-Apri
192、l5,20241,042,096247.63680,80614,079,010,887April6,2024-May3,2024853,354235.22853,05013,939,009,783AsofMay3,20243,042,387$242.302,680,565$13,939,009,783Thetotalnumberofsharesrepurchasedincludesshareswithheldfromemployeestosatisfyeithertheexercisepriceofstockoptions
193、orthestatutorywithholdingtaxliabilityuponthevestingofshare-basedawards.OnDecember7,2022,theCompanyannouncedthatitsBoardofDirectorsauthorizedanadditional$15.0billionofsharerepurchaseswithnoexpiration.Excludesexcisetaxonsharerepurchasesinexcessofissuances,whichi
194、srecognizedaspartofthecostbasisofthesharesacquiredintheconsolidatedstatementsofshareholdersdeficit.InFebruary2024,theCompanyenteredintoanAcceleratedShareRepurchase(ASR)agreementwithathird-partyfinancialinstitutiontorepurchasetheCompanyscommonstock.Atinception,pur
195、suanttotheagreement,theCompanypaid$325milliontothefinancialinstitutionandreceivedaninitialdeliveryof1.1millionshares.InApril,theCompanyfinalizedthetransactionandreceivedanadditional0.2millionshares.TheaveragepricepaidpershareinsettlementoftheASRagreementincl
197、nDuringthethreemonthsendedMay3,2024,noneoftheCompanysdirectorsorexecutiveofficersadoptedorterminatedanycontract,instruction,orwrittenplanforthepurchaseorsaleofCompanysecuritiesthatwasintendedtosatisfytheaffirmativedefenseconditionsofRule10b5-1(c)orany“non-Rule
198、10b5-1tradingarrangement”(asthosetermsaredefinedinRegulationS-K,Item408).122,344123420TableofContentsItem6.-ExhibitsExhibitNumberIncorporatedbyReferenceExhibitDescriptionFormFileNo.ExhibitFilingDate3.1RestatedCharterofLowesCompanies,Inc.10-Q001-078983.1September1,20093.2Bylaws
199、ofLowesCompanies,Inc.,asamendedandrestatedNovember11,2022.8-K001-078983.1November16,202215.1Deloitte&ToucheLLPLetterreUnauditedInterimFinancialInformation.31.1CertificationofPrincipalExecutiveOfficerPursuanttoRule13a-14(a)/15d-14(a),asAdoptedPursuanttoSection302oftheSar
200、banes-OxleyActof2002.31.2CertificationofPrincipalFinancialOfficerPursuanttoRule13a-14(a)/15d-14(a),asAdoptedPursuanttoSection302oftheSarbanes-OxleyActof2002.32.1CertificationofPrincipalExecutiveOfficerPursuantto18U.S.C.Section1350,asAdoptedPursuanttoSection906of
201、theSarbanes-OxleyActof2002.32.2CertificationofPrincipalFinancialOfficerPursuantto18U.S.C.Section1350,asAdoptedPursuanttoSection906oftheSarbanes-OxleyActof2002.101.INSInlineXBRLInstanceDocumenttheXBRLInstanceDocumentdoesnotappearintheInteractiveDataFilebecausei
202、tsXBRLtagsareembeddedwithintheInlineXBRLdocument.101.SCHInlineXBRLTaxonomyExtensionSchemaDocument.101.CALInlineXBRLTaxonomyExtensionCalculationLinkbaseDocument.101.DEFInlineXBRLTaxonomyExtensionDefinitionLinkbaseDocument.101.LABInlineXBRLTaxonomyExtensionLabelLinkbaseD
203、ocument.101.PREInlineXBRLTaxonomyExtensionPresentationLinkbaseDocument.104CoverPageInteractiveDataFile(formattedasInlineXBRLdocumentandincludedinExhibit101).*Indicatesamanagementcontractorcompensatoryplanorarrangement.Filedherewith.Furnishedherewith.21TableofContentsSIG
204、NATUREPursuanttotherequirementsoftheSecuritiesExchangeActof1934,theregistranthasdulycausedthisreporttobesignedonitsbehalfbytheundersignedthereuntodulyauthorized.LOWESCOMPANIES,INC.(Registrant)May30,2024By:/s/DanC.Griggs,Jr.DateDanC.Griggs,Jr.SeniorVicePresident,Taxa
205、ndChiefAccountingOfficer22Exhibit15.1May30,2024TheBoardofDirectorsandShareholdersofLowesCompanies,Inc.LowesCompanies,Inc.1000LowesBoulevardMooresville,NorthCarolina28117WeareawarethatourreportdatedMay30,2024,onourreviewoftheinterimfinancialinformationofLowesCompan
206、ies,Inc.andsubsidiariesappearinginthisQuarterlyReportonForm10-QforthequarterendedMay3,2024,isincorporatedbyreferenceinthefollowingRegistrationStatements:DescriptionRegistrationStatementNumberFormS-3ASRLowesStockAdvantageDirectStockPurchasePlan333-248600;333-274288Debt
207、Securities,PreferredStock,CommonStock333-258108FormS-8Lowes401(k)Plan033-29772LowesCompaniesBenefitRestorationPlan333-97811LowesCompaniesCashDeferralPlan333-114435LowesCompanies,Inc.2006Long-TermIncentivePlan333-138031;333-196513LowesCompanies,Inc.2020EmployeeStockPurchasePlan33
208、3-249586/s/DELOITTE&TOUCHELLPCharlotte,NorthCarolinaExhibit31.1CERTIFICATIONI,MarvinR.Ellison,certifythat:(1)IhavereviewedthisQuarterlyReportonForm10-QforthequarterendedMay3,2024ofLowesCompanies,Inc.(theRegistrant);(2)Basedonmyknowledge,thisreportdoesnotcontainanyunt
209、ruestatementofamaterialfactoromittostateamaterialfactnecessarytomakethestatementsmade,inlightofthecircumstancesunderwhichsuchstatementsweremade,notmisleadingwithrespecttotheperiodcoveredbythisreport;(3)Basedonmyknowledge,thefinancialstatements,andotherfina
210、ncialinformationincludedinthisreport,fairlypresentinallmaterialrespectsthefinancialcondition,resultsofoperationsandcashflowsoftheRegistrantasof,andfor,theperiodspresentedinthisreport;(4)TheRegistrantsothercertifyingofficerandIareresponsibleforestablishingandma
211、intainingdisclosurecontrolsandprocedures(asdefinedinExchangeActRules13a-15(e)and15d-15(e)andinternalcontroloverfinancialreporting(asdefinedinExchangeActRules13a-15(f)and15d-15(f)fortheRegistrantandhave:(a)Designedsuchdisclosurecontrolsandprocedures,orcausedsuchdisclo
212、surecontrolsandprocedurestobedesignedunderoursupervision,toensurethatmaterialinformationrelatingtotheRegistrant,includingitsconsolidatedsubsidiaries,ismadeknowntousbyotherswithinthoseentities,particularlyduringtheperiodinwhichthisreportisbeingprepared;(b)Designed
213、suchinternalcontroloverfinancialreporting,orcausedsuchinternalcontroloverfinancialreportingtobedesignedunderoursupervision,toprovidereasonableassuranceregardingthereliabilityoffinancialreportingandthepreparationoffinancialstatementsforexternalpurposesinaccordance
214、withgenerallyacceptedaccountingprinciples;(c)EvaluatedtheeffectivenessoftheRegistrantsdisclosurecontrolsandproceduresandpresentedinthisreportourconclusionsabouttheeffectivenessofthedisclosurecontrolsandprocedures,asoftheendoftheperiodcoveredbythisreportbasedo
215、nsuchevaluation;and(d)DisclosedinthisreportanychangeintheRegistrantsinternalcontroloverfinancialreportingthatoccurredduringtheRegistrantsmostrecentfiscalquarter(theRegistrantsfourthfiscalquarterinthecaseofanannualreport)thathasmateriallyaffected,orisreasonably
216、likelytomateriallyaffect,theRegistrantsinternalcontroloverfinancialreporting;and(5)TheRegistrantsothercertifyingofficerandIhavedisclosed,basedonourmostrecentevaluationofinternalcontroloverfinancialreporting,totheRegistrantsauditorsandtheauditcommitteeoftheRegistra
217、ntsboardofdirectors(orpersonsperformingtheequivalentfunctions):(a)AllsignificantdeficienciesandmaterialweaknessesinthedesignoroperationofinternalcontroloverfinancialreportingwhicharereasonablylikelytoadverselyaffecttheRegistrantsabilitytorecord,process,summarizean
218、dreportfinancialinformation;and(b)Anyfraud,whetherornotmaterial,thatinvolvesmanagementorotheremployeeswhohaveasignificantroleintheRegistrantsinternalcontroloverfinancialreporting.May30,2024/s/MarvinR.EllisonDateMarvinR.EllisonChairman,PresidentandChiefExecutiveOfficer
219、Exhibit31.2CERTIFICATIONI,BrandonJ.Sink,certifythat:(1)IhavereviewedthisQuarterlyReportonForm10-QforthequarterendedMay3,2024ofLowesCompanies,Inc.(theRegistrant);(2)Basedonmyknowledge,thisreportdoesnotcontainanyuntruestatementofamaterialfactoromittostateamate
220、rialfactnecessarytomakethestatementsmade,inlightofthecircumstancesunderwhichsuchstatementsweremade,notmisleadingwithrespecttotheperiodcoveredbythisreport;(3)Basedonmyknowledge,thefinancialstatements,andotherfinancialinformationincludedinthisreport,fairlypresent
221、inallmaterialrespectsthefinancialcondition,resultsofoperationsandcashflowsoftheRegistrantasof,andfor,theperiodspresentedinthisreport;(4)TheRegistrantsothercertifyingofficerandIareresponsibleforestablishingandmaintainingdisclosurecontrolsandprocedures(asdefined
222、inExchangeActRules13a-15(e)and15d-15(e)andinternalcontroloverfinancialreporting(asdefinedinExchangeActRules13a-15(f)and15d-15(f)fortheRegistrantandhave:(a)Designedsuchdisclosurecontrolsandprocedures,orcausedsuchdisclosurecontrolsandprocedurestobedesignedunderoursu
223、pervision,toensurethatmaterialinformationrelatingtotheRegistrant,includingitsconsolidatedsubsidiaries,ismadeknowntousbyotherswithinthoseentities,particularlyduringtheperiodinwhichthisreportisbeingprepared;(b)Designedsuchinternalcontroloverfinancialreporting,orcause
224、dsuchinternalcontroloverfinancialreportingtobedesignedunderoursupervision,toprovidereasonableassuranceregardingthereliabilityoffinancialreportingandthepreparationoffinancialstatementsforexternalpurposesinaccordancewithgenerallyacceptedaccountingprinciples;(c)Evalua
225、tedtheeffectivenessoftheRegistrantsdisclosurecontrolsandproceduresandpresentedinthisreportourconclusionsabouttheeffectivenessofthedisclosurecontrolsandprocedures,asoftheendoftheperiodcoveredbythisreportbasedonsuchevaluation;and(d)Disclosedinthisreportanycha
226、ngeintheRegistrantsinternalcontroloverfinancialreportingthatoccurredduringtheRegistrantsmostrecentfiscalquarter(theRegistrantsfourthfiscalquarterinthecaseofanannualreport)thathasmateriallyaffected,orisreasonablylikelytomateriallyaffect,theRegistrantsinternalcont
227、roloverfinancialreporting;and(5)TheRegistrantsothercertifyingofficerandIhavedisclosed,basedonourmostrecentevaluationofinternalcontroloverfinancialreporting,totheRegistrantsauditorsandtheauditcommitteeoftheRegistrantsboardofdirectors(orpersonsperformingtheequival
228、entfunctions):(a)AllsignificantdeficienciesandmaterialweaknessesinthedesignoroperationofinternalcontroloverfinancialreportingwhicharereasonablylikelytoadverselyaffecttheRegistrantsabilitytorecord,process,summarizeandreportfinancialinformation;and(b)Anyfraud,whethero
229、rnotmaterial,thatinvolvesmanagementorotheremployeeswhohaveasignificantroleintheRegistrantsinternalcontroloverfinancialreporting.May30,2024/s/BrandonJ.SinkDateBrandonJ.SinkExecutiveVicePresident,ChiefFinancialOfficerExhibit32.1CertificationPursuantto18U.S.C.Section13
230、50,asAdoptedPursuanttoSection906oftheSarbanes-OxleyActof2002InconnectionwiththeQuarterlyReportonForm10-QofLowesCompanies,Inc.(theCompany)fortheperiodendedMay3,2024,asfiledwiththeSecuritiesandExchangeCommissiononthedatehereof(theReport),I,MarvinR.Ellison,certi
231、fy,pursuantto18U.S.C.Section1350,asadoptedpursuanttoSection906oftheSarbanes-OxleyActof2002,that:1.TheReportfullycomplieswiththerequirementsofSection13(a)or15(d)oftheSecuritiesExchangeActof1934;and2.TheinformationcontainedintheReportfairlypresents,inallmaterial
232、respects,thefinancialconditionandresultsofoperationsoftheCompany./s/MarvinR.EllisonMarvinR.EllisonChairman,PresidentandChiefExecutiveOfficerMay30,2024Exhibit32.2CertificationPursuantto18U.S.C.Section1350,asAdoptedPursuanttoSection906oftheSarbanes-OxleyActof2002Inc
233、onnectionwiththeQuarterlyReportonForm10-QofLowesCompanies,Inc.(theCompany)fortheperiodendedMay3,2024,asfiledwiththeSecuritiesandExchangeCommissiononthedatehereof(theReport),I,BrandonJ.Sink,certify,pursuantto18U.S.C.Section1350,asadoptedpursuanttoSection906ofthe
234、Sarbanes-OxleyActof2002,that:1.TheReportfullycomplieswiththerequirementsofSection13(a)or15(d)oftheSecuritiesExchangeActof1934;and2.TheinformationcontainedintheReportfairlypresents,inallmaterialrespects,thefinancialconditionandresultsofoperationsoftheCompany./s/BrandonJ.SinkBrandonJ.SinkExecutiveVicePresident,ChiefFinancialOfficerMay30,2024