LOWE'S REPORTS FIRST QUARTER 2023 SALES AND EARNINGS RESULTS.

MOORESVILLE, N.C: Lowe's Companies, Inc. (NYSE: LOW) today reported net earnings of $2.3 billion and diluted earnings per share (EPS) of $3.77 for the quarter ended May 5, 2023, compared to diluted EPS of $3.51 in the first quarter of 2022.

During the first quarter, the company recognized a gain associated with the 2022 sale of the Canadian retail business. This positively impacted first quarter diluted EPS by $0.10. Excluding this benefit, the company delivered adjusted diluted EPS1 of $3.67, an increase of 5% compared to prior year.

Total sales for the quarter were $22.3 billion2. Comparable sales decreased 4.3%, driven by lumber deflation, unfavorable weather and lower DIY discretionary sales. Comparable sales are based on comparison to weeks 2-14 in 2022.

"We are pleased with the performance of our business despite record lumber deflation and unfavorable spring weather. Although we delivered positive comparable sales in Pro and online for the first quarter, we are updating our full-year outlook to reflect softer-than-expected consumer demand for discretionary purchases," said Marvin R. Ellison, Lowe's chairman, president and CEO. "We remain optimistic about the medium-to-long term outlook for home improvement and our ability to continue to grow market share through our Total Home strategy. I would like to thank all of our front-line associates for their continued hard work and dedication."

Capital Allocation

The company continues to execute a disciplined capital allocation program to deliver long-term, sustainable shareholder value. During the quarter, the company repurchased approximately 10.6 million shares for $2.1 billion, and it paid $633 million in dividends.

1

Adjusted diluted earnings per share is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measure Reconciliation" section of this release for additional information as well as a reconciliation between the company's GAAP and non-GAAP financial results.

2

Total first quarter sales includes approximately $735 million related to a...