Loews Corporation (L) Q3 2023 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone, and welcome to Lowe's Company's third quarter 2023 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 will now turn the call over to Kay Perlman, 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 Boltz, our Executive Vice President, Merchandising, Joe McFarland, our Executive Vice President, Stores, 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 2023. 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, everyone. For the third quarter, comparable sales declined 7.4%. Our results were driven by a greater than expected pullback in DIY discretionary spending, especially in bigger ticket categories. While we've seen a more cautious consumer for some time now, this quarter we saw some of these consumers increasingly prioritizing experiences over goods, spe...