Lowe's Companies, Inc. stock research
FY2023 Q4
Lowe's Companies (LOW) Gross Margin — Quarter Ended Feb 2, 2024
Revenue and gross profit were lower than both the prior quarter and the same quarter last year. Gross margin weakened sequentially but improved slightly compared to the year-ago period.
Gross margin takeaway
Quarter ended Feb 2, 2024 · FY2023 Q4
Revenue and gross profit were lower than both the prior quarter and the same quarter last year. Gross margin weakened sequentially but improved slightly compared to the year-ago period.
- The sequential decline in gross margin was associated with a proportionally smaller decrease in cost of revenue relative to the decrease in revenue.
- Compared to the immediately preceding quarter, gross margin was lower. Compared to the same quarter one year earlier, gross margin was slightly higher.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
32.4%
Gross profit
$6.0B
Revenue
$18.6B
Cost of revenue
$12.6B
Quarter-over-quarter change
-1.3 pts
Year-over-year change
+0.1 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| May 5, 2023 | $22.3B | $7.5B | $14.8B | 33.7% |
| Aug 4, 2023 | $25.0B | $8.4B | $16.6B | 33.7% |
| Nov 3, 2023 | $20.5B | $6.9B | $13.6B | 33.7% |
| Feb 2, 2024 | $18.6B | $6.0B | $12.6B | 32.4% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Nov 3, 2023
-1.3 pts
Year-over-year change
Feb 3, 2023
+0.1 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The sequential decline in gross margin was associated with a proportionally smaller decrease in cost of revenue relative to the decrease in revenue.
Compared to the immediately preceding quarter, gross margin was lower. Compared to the same quarter one year earlier, gross margin was slightly higher.
Monitor the relationship between cost of revenue and revenue trends in upcoming quarters.