low-20200819
LOWES COMPANIES INC0000060667false00000606672020-08-192020-08-19

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) August 19, 2020
LOWE’S COMPANIES, INC.
(Exact name of registrant as specified in its charter)
North Carolina1-789856-0578072
(State or other jurisdiction
of incorporation)
(Commission File
Number)
(IRS Employer
 Identification No.)
1000 Lowe’s Blvd.
Mooresville,NC28117
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code(704)758-1000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.50 per shareLOWNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.



Item 2.02 Results of Operations and Financial Condition.

On August 19, 2020, Lowe’s Companies, Inc. (the “Company”) issued a press release and related infographic, furnished as Exhibits 99.1 and 99.2, respectively, and incorporated herein by reference, announcing the Company’s financial results for its second quarter ended July 31, 2020.

The information provided pursuant to Item 2.02, including the exhibits attached hereto, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in any such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits:
Exhibit No.Description




SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
LOWE’S COMPANIES, INC.
Date: August 19, 2020
By:/s/ David M. Denton
David M. Denton
Executive Vice President, Chief Financial Officer


Document

Exhibit 99.1
August 19, 2020
For 6:00 am ET Release

LOWE’S REPORTS SECOND QUARTER 2020 SALES AND EARNINGS RESULTS
— U.S. Comparable Sales Increased 35.1% —
— Diluted EPS Increased 75% to $3.74; Adjusted Diluted EPS Increased 74% to $3.751
— Lowes.com Sales Increased 135% —
— Company Invests $460 Million in Second Quarter to Support Associates
and Communities in Response to COVID-19 —


MOORESVILLE, N.C. - Lowe’s Companies, Inc. (NYSE: LOW) today reported net earnings of $2.8 billion and diluted earnings per share (EPS) of $3.74 for the quarter ended July 31, 2020, compared to net earnings of $1.7 billion and diluted EPS of $2.14 in the second quarter of 2019. Second quarter adjusted diluted EPS of $3.75 was 74 percent higher than adjusted diluted EPS of $2.15 in the second quarter of 20191.

Sales for the second quarter were $27.3 billion compared to $21.0 billion in the second quarter of 2019, and comparable sales increased 34.2 percent. Comparable sales for the U.S. home improvement business increased 35.1 percent for the second quarter.

In the second quarter, the Company invested $460 million in support of frontline hourly associates, communities and store safety. Through the first half of 2020, Lowe’s has invested $560 million in COVID-related financial support for its associates and $100 million in community pandemic relief, with a focus on minority and rural small businesses and health care workers. Additionally, the Company’s second quarter performance resulted in a record quarterly “Winning Together” profit-sharing bonus for its hourly associates at 100% of its stores, which totaled $107 million. For further information on the Company’s safety protocols in response to COVID-19, please visit corporate.lowes.com/covid-19-response.

“Our highest priority has always been protecting the health and safety of our associates and customers through a safe store environment and shopping experience. We are incredibly proud of our associates, and we are grateful for their hard work and ongoing commitment to safety,” commented Marvin R. Ellison, Lowe’s president and CEO.

“We delivered very strong second quarter results, with all merchandising divisions posting comparable sales growth exceeding 20% and all U.S. geographic regions delivering comparable sales growth of at least 30%. Sales were driven by a consumer focus on the home, core repair and maintenance activities, and wallet share shift away from other discretionary spending. Through our retail fundamentals strategy, we have dramatically improved our technology and operational platforms, which enabled us to meet customer demand and grow our business. Looking ahead, our sales momentum continues into August, and we are investing in the business to further our omnichannel capabilities and position the Company to deliver long-term value to associates, customers and shareholders,” added Mr. Ellison.

As of July 31, 2020, Lowe’s operated 1,968 home improvement and hardware stores in the United States and Canada representing 208 million square feet of retail selling space.

A conference call to discuss second quarter 2020 operating results is scheduled for today, Wednesday, August 19, at 9:00 am ET. The conference call will be available by webcast and can be accessed by visiting Lowe’s website at ir.lowes.com and clicking on Lowe’s Second Quarter 2020 Earnings Conference Call Webcast. Supplemental slides will be available approximately 15 minutes prior to the start of the conference call. A replay of the call will be archived at ir.lowes.com.




1 Adjusted diluted earnings per share is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures Reconciliation” section of this release for additional information as well as reconciliations between the Company’s GAAP and non-GAAP financial results.




Lowe’s Business Outlook

On May 20, 2020, the Company withdrew its financial guidance for fiscal year 2020 due to limited visibility into future business trends in this unprecedented operating environment, which results in an unusually wide range of potential outcomes for 2020 financial performance.

Lowe’s Companies, Inc.
Lowe’s Companies, Inc. (NYSE: LOW) is a FORTUNE® 50 home improvement company serving approximately 18 million customers a week in the United States and Canada. With fiscal year 2019 sales of $72.1 billion, Lowe’s and its related businesses operate or service more than 2,200 home improvement and hardware stores and employ approximately 300,000 associates. Based in Mooresville, N.C., Lowe’s supports the communities it serves through programs focused on creating safe, affordable housing and helping to develop the next generation of skilled trade experts. For more information, visit Lowes.com.

Disclosure Regarding Forward-Looking Statements
This press release 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”, “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, business outlook, priorities, sales growth, shareholder value, capital expenditures, cash flows, the housing market, the home improvement industry, demand for products and services, share repurchases, 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.

A wide variety of potential risks, uncertainties, and other factors could materially affect our ability to achieve the results either expressed or implied by these forward-looking statements including, but not limited to, changes in general economic conditions, such as the rate of unemployment, interest rate and currency fluctuations, fuel and other energy costs, slower growth in personal income, changes in consumer spending, changes in the rate of housing turnover, the availability of consumer credit and of mortgage financing, changes in commodity prices, changes or threatened changes in tariffs, outbreak of public health crises, such as the COVID-19 pandemic, availability and cost of goods from suppliers, changes in our management and key personnel, and other factors that can negatively affect our customers.

Investors and others should carefully consider the foregoing factors and other uncertainties, risks and potential events including, but not limited to, those described in “Item 1A - Risk Factors” in our most recent Annual Report on Form 10-K and as may be updated from time to time in Item 1A in our quarterly reports on Form 10-Q or other subsequent filings with the SEC. All such 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.

        

###
Contacts:Shareholder/Analyst Inquiries:Media Inquiries:
Kate PearlmanJackie Pardini Hartzell
704-775-3856704-758-4317
kate.pearlman@lowes.comjaclyn.pardini@lowes.com



Lowe’s Companies, Inc.
Consolidated Statements of Current and Retained Earnings (Unaudited)
In Millions, Except Per Share and Percentage Data
Three Months EndedSix Months Ended
July 31, 2020August 2, 2019July 31, 2020August 2, 2019
Current EarningsAmount% SalesAmount% SalesAmount% SalesAmount% Sales
Net sales$27,302 100.00 $20,992 100.00 $46,977 100.00 $38,733 100.00 
Cost of sales17,998 65.92 14,252 67.89 31,161 66.33 26,412 68.19 
Gross margin9,304 34.08 6,740 32.11 15,816 33.67 12,321 31.81 
Expenses:
Selling, general and administrative5,020 18.39 4,048 19.29 9,215 19.62 7,909 20.42 
Depreciation and amortization327 1.20 311 1.48 653 1.39 614 1.58 
Operating income3,957 14.49 2,381 11.34 5,948 12.66 3,798 9.81 
Interest – net219 0.80 169 0.80 423 0.90 331 0.86 
Pre-tax earnings3,738 13.69 2,212 10.54 5,525 11.76 3,467 8.95 
Income tax provision 910 3.33 536 2.56 1,360 2.89 745 1.92 
Net earnings$2,828 10.36 $1,676 7.98 $4,165 8.87 $2,722 7.03 
Weighted average common shares outstanding – basic
752 781 754 788 
Basic earnings per common share (1)
$3.74 $2.14 $5.50 $3.44 
Weighted average common shares outstanding – diluted
753 781 755 789 
Diluted earnings per common share (1)
$3.74 $2.14 $5.50 $3.44 
Cash dividends per share
$0.55 $0.55 $1.10 $1.03 
Retained Earnings
Balance at beginning of period$1,722 $3,095 $1,727 $3,452 
Cumulative effect of accounting change— — — (263)
Net earnings2,828 1,676 4,165 2,722 
Cash dividends declared(416)(428)(831)(810)
Share repurchases— (1,904)(927)(2,662)
Balance at end of period$4,134 $2,439 $4,134 $2,439 
(1) Under the two-class method, earnings per share is calculated using net earnings allocable to common shares, which is derived by reducing net earnings by the earnings allocable to participating securities. Net earnings allocable to common shares used in the basic and diluted earnings per share calculation were $2,816 million for the three months ended July 31, 2020 and $1,670 million for the three months ended August 2, 2019. Net earnings allocable to common shares used in the basic and diluted earnings per share calculation were $4,149 million for the six months ended July 31, 2020 and $2,713 million for the six months ended August 2, 2019.

Lowe’s Companies, Inc.
Consolidated Statements of Comprehensive Income (Unaudited)
In Millions, Except Percentage Data
 Three Months EndedSix Months Ended
 July 31, 2020August 2, 2019July 31, 2020August 2, 2019
 Amount% SalesAmount% SalesAmount% SalesAmount% Sales
Net earnings$2,828 10.36 $1,676 7.98 $4,165 8.87 $2,722 7.03 
Foreign currency translation adjustments – net of tax
114 0.41 69 0.33 (45)(0.10)36 0.09 
Cash flow hedges – net of tax(5)(0.02)— — (108)(0.23)(16)(0.04)
Other
(1)— — — 0.01 — 
Other comprehensive income/(loss)108 0.39 69 0.33 (149)(0.32)22 0.05 
Comprehensive income$2,936 10.75 $1,745 8.31 $4,016 8.55 $2,744 7.08 




Lowe’s Companies, Inc.
Consolidated Balance Sheets (Unaudited)
In Millions, Except Par Value Data
July 31, 2020August 2, 2019January 31, 2020
Assets
Current assets:
Cash and cash equivalents$11,641 $1,796 $716 
Short-term investments 1,085 275 160 
Merchandise inventory – net
13,831 13,730 13,179 
Other current assets1,160 995 1,263 
Total current assets27,717 16,796 15,318 
Property, less accumulated depreciation 18,612 18,203 18,669 
Operating lease right-of-use assets3,798 3,967 3,891 
Long-term investments 326 179 372 
Deferred income taxes – net
267 512 216 
Other assets1,043 1,038 1,005 
Total assets$51,763 $40,695 $39,471 
Liabilities and shareholders' equity
Current liabilities:
Short-term borrowings$1,000 $— $1,941 
Current maturities of long-term debt609 1,009 597 
Current operating lease liabilities520 492 501 
Accounts payable12,916 9,499 7,659 
Accrued compensation and employee benefits 1,139 717 684 
Deferred revenue1,715 1,324 1,219 
Other current liabilities3,471 2,794 2,581 
Total current liabilities21,370 15,835 15,182 
Long-term debt, excluding current maturities 20,197 16,538 16,768 
Noncurrent operating lease liabilities3,859 4,055 3,943 
Deferred revenue – extended protection plans
981 868 894 
Other liabilities 1,000 759 712 
Total liabilities47,407 38,055 37,499 
Shareholders' equity:
Preferred stock, $5 par value: Authorized – 5.0 million shares; Issued and outstanding – none— — — 
Common stock, $0.50 par value: Authorized – 5.6 billion shares; Issued and outstanding – 756 million, 776 million, and 763 million shares, respectively378 388 381 
Capital in excess of par value129 — — 
Retained earnings4,134 2,439 1,727 
Accumulated other comprehensive loss(285)(187)(136)
Total shareholders' equity4,356 2,640 1,972 
Total liabilities and shareholders' equity$51,763 $40,695 $39,471 
  



Lowe’s Companies, Inc.
Consolidated Statements of Cash Flows (Unaudited)
In Millions
Six Months Ended
July 31, 2020August 2, 2019
Cash flows from operating activities:
Net earnings$4,165 $2,722 
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization747 684 
Noncash lease expense234 228 
Deferred income taxes(14)(121)
Loss on property and other assets – net80 38 
Share-based payment expense64 51 
Changes in operating assets and liabilities:
Merchandise inventory – net(674)(1,153)
Other operating assets66 (104)
Accounts payable 5,259 1,202 
Other operating liabilities1,825 36 
Net cash provided by operating activities11,752 3,583 
Cash flows from investing activities:
Purchases of investments(1,132)(245)
Proceeds from sale/maturity of investments260 272 
Capital expenditures(710)(526)
Proceeds from sale of property and other long-term assets46 42 
Other – net(24)(1)
Net cash used in investing activities(1,560)(458)
Cash flows from financing activities:  
Net change in commercial paper(941)(722)
Net proceeds from issuance of debt3,961 2,972 
Repayment of long-term debt(568)(629)
Proceeds from issuance of common stock under share-based payment plans83 72 
Cash dividend payments(836)(767)
Repurchase of common stock(966)(2,770)
Other – net(4)(7)
Net cash provided by (used in) financing activities729 (1,851)
Effect of exchange rate changes on cash(1)
Net increase in cash and cash equivalents, including cash
classified within current assets held for sale
10,925 1,273 
Less: Net decrease in cash classified within current
assets held for sale
— 12 
Net increase in cash and cash equivalents10,925 1,285 
Cash and cash equivalents, beginning of period716 511 
Cash and cash equivalents, end of period$11,641 $1,796 



Lowe’s Companies, Inc.
Non-GAAP Financial Measures Reconciliation (Unaudited)

To provide additional transparency, the Company has presented the non-GAAP financial measure of adjusted diluted earnings per share for comparing its operating performance for the three months ended July 31, 2020, with the respective period ended August 2, 2019. This measure excludes the impact of certain discrete items, as further described below, not contemplated in Lowe’s Original Business Outlook to assist analysts and investors in understanding operational performance for the second quarter of fiscal 2020 and fiscal 2019.

Fiscal 2020 Impacts
For fiscal 2020, the Company has recognized financial impacts from the following discrete item, not contemplated in the Company’s Original Business Outlook for the second quarter of fiscal 2020:

Beginning in the third quarter of fiscal 2019, the Company began a strategic review of its Canadian operations, and in the fourth quarter of fiscal 2019, the Company announced additional actions to improve future performance and profitability of its Canadian operations. As a result of this review and related actions, in the second quarter of fiscal 2020, the Company recognized $10 million of pre-tax operating costs related to remaining inventory write-downs and store closing costs (Canada restructuring).

Fiscal 2019 Impacts
During fiscal 2019, the Company recognized financial impacts from the following discrete item, not contemplated in the Company's Business Outlook for the second quarter of fiscal 2019:

Prior to the beginning of fiscal 2019, the Company announced its intention to exit its Mexico retail operations and had planned to sell the operating business. During the three months ended August 2, 2019, the Company recognized a net loss of $12 million in pre-tax operating losses associated with the exit and ongoing wind-down of the Mexico retail operations (Mexico adjustments).

Adjusted diluted earnings per share should not be considered an alternative to, or more meaningful indicator of, the Company’s diluted earnings per share as prepared in accordance with GAAP. The Company’s methods of determining non-GAAP financial measures may differ from the method used by other companies and may not be comparable.

Detailed reconciliations between the Company’s GAAP and non-GAAP financial results are shown below and available on the Company’s website at www.lowes.com/investor.
Three Months Ended
(Unaudited)(Unaudited)
July 31, 2020August 2, 2019
(in millions, except per share data)Pre-Tax EarningsTaxNet EarningsPre-Tax EarningsTaxNet Earnings
Diluted earnings per share, as reported$3.74 $2.14 
Non-GAAP adjustments per share impacts
Canada restructuring0.01 — 0.01 — — — 
Mexico adjustments— — — 0.02 (0.01)0.01 
Adjusted diluted earnings per share$3.75 $2.15 

exhibit992-07312020
Exhibit 99.2 “Our highest priority has always been protecting the health and safety of our associates and customers through a safe store environment and shopping experience. We are incredibly proud of our associates, and we are grateful for their hard work and ongoing commitment to safety. Second quarter sales were driven by a consumer focus on the home, core repair and maintenance activities, and wallet share shift away from other discretionary spending. Through our retail fundamentals strategy, we have dramatically improved our technology and operational platforms, Q2 2020 which enabled us to meet customer demand and grow our business. Looking ahead, our sales momentum continues RESULTS into August, and we are investing in the business to further our omnichannel capabilities and position the Company to deliver long-term value to associates, customers and shareholders.” - Marvin R. Ellison, Lowe’s President and CEO FINANCIAL HIGHLIGHTS U.S. COMPARABLE SALES SUMMARY MERCHANDISING DEPARTMENT PERFORMANCE All 15 TRANSACTIONS/TICKET LOWES.COM Merchandising Departments Generated Comp Sales Growth Exceeding +20% IN SALES COMP COMP AVERAGE SALES +135% $27.3B +30.1% TRANSACTIONS TICKET GROWTH 22.6% 11.6% U.S. COMP COMP SALES BY TICKET SIZE +35.1% SALES All 15 U.S. Regions +24.3% >$500 Delivered Comp Sales $50-500 +43.5% Growth Of At Least +30% GROSS MARGIN <$50 34.08% +197 basis points +23.2% +41.5% +34.4% OPERATING U.S. MONTHLY COMP +28.2% 14.49% MARGIN PERFORMANCE +315 basis points 2020 2019² +0.7% +4.2% +4.7% MAY JUNE JULY DILUTED EPS $3.74 +75% Invested $460 Million In Q2 To Support Our Frontline Associates, Communities and Store Safety Health and Safety of Our Associates and Customers Is Our Highest Priority ADJ. DILUTED EPS 1 Financial Support for Associates $3.75 +74% Increased Store Safety Measures • • Provided bonuses in July and August totaling ~$230 million for All frontline associates required to wear masks frontline associates • 1 Adjusted Diluted EPS is a non-GAAP financial measure. Refer to • Adopted nationwide standard for all customers to wear masks Lowes.com/investor for a reconciliation of non-GAAP measures. Support for Communities • Provided free masks for customers 2 Beginning on 2/1/2020, the Company changed the basis in which it presents • Invested $100 million in community pandemic relief, with a focus on the comparable sales metric. Q2 2019 comp sales have not been adjusted. For more information visit: Dorporate.lowes.com/covid-19-response minority and rural small businesses and health care workers “All comparisons are to Q2 2019”


 


 
Q2 2020 Reconciliation of Non-GAAP Measures Management of Lowe's Companies, Inc. (the Company) uses the non-GAAP financial measure adjusted diluted earnings per share and considers it to be an important supplemental measure of the Company's performance. In addition, management believes this non-GAAP financial measure provides additional insight for analysts and investors in evaluating the Company's financial and operating performance. This non-GAAP financial measure should not be considered an alternative to, or more meaningful indicator of, the Company's diluted earnings per share as prepared in accordance with GAAP. The Company's methods of determining this non-GAAP financial measure may differ from the method used by other companies and may not be comparable. The Company has provided the non-GAAP financial measure of adjusted diluted earnings per share for comparing its operating performance for the three months ended July 31, 2020, with the respective period ended August 2, 2019. This measure excludes the impacts of certain discrete items, as further described below, not contemplated in Lowe's Original Business Outlook to assist analysts and investors in understanding operational performance for the second quarter of fiscal 2020 and fiscal 2019. Lowe's believes this measure is useful in helping understand actual operational performance, as well as performance between fiscal periods. Fiscal 2020 Impacts For fiscal 2020, the Company has recognized financial impacts from the following discrete item, not contemplated in the Company’s Original Business Outlook for the second quarter of fiscal 2020: • Beginning in the third quarter of fiscal 2019, the Company began a strategic review of its Canadian operations, and in the fourth quarter of fiscal 2019, the Company announced additional actions to improve future performance and profitability of its Canadian operations. As a result of this review and related actions, in the second quarter of fiscal 2020, the Company recognized $10 million of pre-tax operating costs related to remaining inventory write-downs and store closing costs (Canada restructuring). Fiscal 2019 Impacts During fiscal 2019, the Company recognized financial impacts from the following discrete item, not contemplated in the Company's Business Outlook for the second quarter of fiscal 2019: • Prior to the beginning of fiscal 2019, the Company announced its intention to exit its Mexico retail operations and had planned to sell the operating business. During the three months ended August 2, 2019, the Company recognized a net loss of $12 million in pre-tax operating losses associated with the exit and ongoing wind-down of the Mexico retail operations (Mexico adjustments). The following provides a reconciliation of the Company's non-GAAP financial measure to the most directly comparable GAAP financial measure: Three Months Ended July 31, 2020 August 2, 2019 Pre-Tax Net Pre-Tax Net Adjusted Diluted Earnings Per Share Earnings Tax 1 Earnings Earnings Tax 1 Earnings Diluted earnings per share, as reported $ 3.74 $ 2.14 Canada restructuring 0.01 — 0.01 — — — Mexico adjustments — — — 0.02 (0.01) 0.01 Adjusted diluted earnings per share $ 3.75 $ 2.15 1 Represents the corresponding tax benefit or expense related to the item excluded from adjusted diluted earnings per share.


 
Forward Looking Statements This presentation 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”, “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, business outlook, priorities, sales growth, shareholder value, capital expenditures, cash flows, the housing market, the home improvement industry, demand for products and services, share repurchases, 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. A wide variety of potential risks, uncertainties, and other factors could materially affect our ability to achieve the results either expressed or implied by these forward-looking statements including, but not limited to, changes in general economic conditions, such as the rate of unemployment, interest rate and currency fluctuations, fuel and other energy costs, slower growth in personal income, changes in consumer spending, changes in the rate of housing turnover, the availability of consumer credit and of mortgage financing, changes in commodity prices, changes or threatened changes in tariffs, outbreak of public health crises, such as the COVID-19 pandemic, availability and cost of goods from suppliers, changes in our management and key personnel, and other factors that can negatively affect our customers. Investors and others should carefully consider the foregoing factors and other uncertainties, risks and potential events including, but not limited to, those described in “Item 1A - Risk Factors” in our most recent Annual Report on Form 10-K and as may be updated from time to time in Item 1A in our quarterly reports on Form 10-Q or other subsequent filings with the SEC. All such 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.


 
v3.20.2
Cover Page
Aug. 19, 2020
Cover [Abstract]  
Document Type 8-K
Document Period End Date Aug. 19, 2020
Entity Registrant Name LOWES COMPANIES INC
Entity Incorporation, State or Country Code NC
Entity File Number 1-7898
Entity Tax Identification Number 56-0578072
Entity Address, Address Line One 1000 Lowe’s Blvd.
Entity Address, City or Town Mooresville,
Entity Address, State or Province NC
Entity Address, Postal Zip Code 28117
City Area Code (704)
Local Phone Number 758-1000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, par value $0.50 per share
Trading Symbol LOW
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0000060667
Amendment Flag false