Analysis of Revenues
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Revenues as Reported
Lowe’s Cos. Inc., income statement, revenues
US$ in millions
| 12 months ended: | Jan 31, 2025 | Feb 2, 2024 | Feb 3, 2023 | Jan 28, 2022 | Jan 29, 2021 | Jan 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Home Décor | |||||||||||||
| Building Products | |||||||||||||
| Hardlines | |||||||||||||
| Other | |||||||||||||
| Net sales |
Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31).
The annual revenue data reveals several notable trends across different product categories and overall net sales over the six-year period. A general pattern of revenue growth is observed in the initial years, followed by declines in the later periods.
- Home Décor
- The Home Décor category experienced steady growth from 2020 to 2023, increasing from approximately 25.9 billion US dollars in 2020 to a peak of 36.2 billion in 2023. However, this upward trajectory reversed thereafter, with revenues declining to 32.1 billion in 2024 and further to 30.9 billion in 2025, indicating a contraction in this segment during the latter years.
- Building Products
- This category showed a similar pattern to Home Décor initially, rising consistently from 23.0 billion in 2020 to a high of 31.2 billion in 2022. Following this peak, revenues slightly decreased to 31.0 billion in 2023 and then declined more significantly in 2024 and 2025, falling to 26.9 billion and 26.4 billion respectively. The decline after 2022 suggests challenges affecting demand or market conditions in this segment.
- Hardlines
- Hardlines revenues increased from 21.2 billion in 2020 to a peak of 28.6 billion in 2022, after which there was a downward trend. Revenue dropped to 27.2 billion in 2023, further to 25.0 billion in 2024, and finally 24.3 billion in 2025. This indicates a steady contraction in Hardlines sales over the last three years.
- Other
- The Other category showed modest but steady growth from 2.0 billion in 2020 to 2.6 billion in 2023. Subsequently, it experienced a decline, with revenue decreasing to 2.3 billion in 2024 and 2.2 billion in 2025, reflecting a reduction in less dominant revenue streams during the recent years.
- Net Sales
- Overall net sales demonstrated a robust increase from 72.1 billion in 2020 to a peak of 97.1 billion in 2023. This growth was followed by a notable decline, with net sales falling to 86.4 billion in 2024 and further down to 83.7 billion in 2025. The trend suggests that while the company achieved significant sales growth over the early years, it faced a downturn in the last two periods, impacting all categories and resulting in reduced total revenues.