Lowe’s has reported better-than-expected results for Q4 of 2024, as the company achieved net sales of $18.55 billion, surpassing the forecasted $18.19 billion.
The company also saw its net income rise to $1.13 billion from $1.02 billion in the year prior.
Additionally, comparable sales in Q4 grew by 0.2%, driven by strong online sales, a busy holiday shopping season, and recovery efforts following hurricane impacts in the US.
Hurricanes Helene and Milton, which struck in September and October 2024, boosted demand for home repair and recovery products, contributing to the retailer’s overall sales growth.
This marks the company’s first comparable sales increase in two years, since the financial quarter ended in October 2022.
Marvin Ellison, Lowe’s chairman, president and CEO, said: “Our results this quarter were once again better-than-expected, as we continue to gain traction with our Total Home strategic initiative.
“We remain confident in the long-term strength of the home improvement industry, and we are equally confident in our strategy to capitalize on the expected recovery.
“We are also pleased to award $80 million in discretionary bonuses to our frontline associates in recognition of their hard work and dedication to delivering excellent customer service.”
Full-year sales for the 2024 fiscal year, which ended on 31 January 2025, fell to approximately $83 billion from $86 billion in the year prior.
Despite the improved sales in the most recent quarter, the company has a modest outlook for the upcoming fiscal year, citing uncertainty in the home retail market.
Elison added in an earnings call: “Even though short-term interest rates have started to come down, this remains a challenging home improvement market.
“Mortgage rates are higher than they’ve been in more than two decades, creating a significant gap between today’s rate for homebuyers and the lower rates many homeowners currently enjoy.”
For 2025, Lowe’s expects total sales of $83.5 to $84.5 billion and comparable sales to inch up by 1%.
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