Loews Corporation (L) Q1 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone. Welcome to Lowe's Company's first quarter 2024 earnings conference call. My name is Rob, and I'll be your operator for today's call. As a reminder, this conference is being recorded. I'll now turn the call over to Kate Parman, Vice President of Investor Relations and Treasurer. Thank you, and good morning. Here with me today are Marvin Ellison, Chairman and Chief Executive Officer, Bill Bolts, our Executive Vice President, Merchandising, Joe McFarland, our Executive Vice President Storrs, and Brandon Sink, our Executive Vice President and Chief Financial Officer. I would like to remind you that our notice regarding forward-looking statements is included in our press release this morning, which can be found on Lowe's Investor Relations website. During this call, we will be making comments that are forward-looking, including our expectations for fiscal 2024. Actual results may differ materially from those expressed or implied as a result of various risks, uncertainties, and important factors, including those discussed in the risk factors, MD&A, and other sections of our annual report on Form 10-K and our other SEC filings. Additionally, we'll be discussing certain non-GAAP financial measures. A reconciliation of these items to U.S. GAAP can be found on the quarterly earnings section of our Investor Relations website. Now, I'll turn the call over to Marvin. Thank you, Kate, and good morning to everyone, and thank you for joining us today. First quarter sales were $21.4 billion with comparable sales down 4.1% from the same period last year. Despite the continued pressure and DIY bigger ticket discretionary spending across the industry, we deliver better than expected spring seasonal sales. Overall, we perform well in a challenging home improvement...