Revenue

12 Months Ended

Feb. 02, 2024

Revenue from Contract with Customer [Abstract]

Revenue

Revenue

Net sales consists primarily of revenue, net of sales tax, associated with contracts with customers for the sale of goods and services in amounts that reflect consideration the Company is entitled to in exchange for those goods and services.

The following table presents the Company’s sources of revenue:

(In millions)	Years Ended
	February 2, 2024		February 3, 2023		January 28, 2022
Products	$	83,002	$	93,392	$	92,415
Services	2,097		2,178		2,304
Other	1,278		1,489		1,531
Net sales	$	86,377	$	97,059	$	96,250

The balances and classification within the consolidated balance sheets for anticipated sales returns and the associated right of return assets are as follows:

(In millions)	Classification	February 2, 2024		February 3, 2023
Anticipated sales returns	Other current liabilities	$	191	$	234
Right of return assets	Other current assets	111		139

Deferred revenue - retail and stored-value cards

Deferred revenue for retail and stored-value cards are as follows:

(In millions)	February 2, 2024		February 3, 2023
Retail deferred revenue	$	796	$	933
Stored-value cards deferred revenue	612		670
Deferred revenue	$	1,408	$	1,603

Deferred revenue - Lowe’s protection plans

Deferred revenue associated with Lowe’s protection plans is as follows:

(In millions)	February 2, 2024		February 3, 2023
Deferred revenue - Lowe’s protection plans	$	1,225	$	1,201

Lowe’s protection plan sales previously recorded as deferred revenue and claim expenses incurred are as follows:

(In millions)	Years Ended
	February 2, 2024		February 3, 2023		January 28, 2022
Lowe’s protection plan deferred revenue recognized into sales	$	549	$	527	$	488
Lowe’s protection plan claim expenses	224		180		178

Disaggregation of Revenues

The following table presents the Company’s net sales disaggregated by merchandise division:

	Years Ended
	February 2, 2024				February 3, 2023				January 28, 2022
(In millions)	Total Sales		%		Total Sales		%		Total Sales		%
Home Décor1	$	32,130	37.2	%	$	36,202	37.3	%	$	35,688	37.1	%
Building Products2	26,894		31.1		31,269		32.2		29,854		31.0
Hardlines3	25,020		29.0		26,993		27.8		28,205		29.3
Other	2,333		2.7		2,595		2.7		2,503		2.6
Total	$	86,377	100.0	%	$	97,059	100.0	%	$	96,250	100.0	%

Note: Merchandise division net sales for prior periods have been reclassified to conform to the current year presentation.

1    Home Décor includes the following product categories: Appliances, Décor, Flooring, Kitchens & Bath, and Paint.

2    Building Products includes the following product categories: Building Materials, Electrical, Lumber, Millwork, and Rough Plumbing.

3    Hardlines includes the following product categories: Hardware, Lawn & Garden, Seasonal & Outdoor Living, and Tools.

The following table presents the Company’s net sales disaggregated by geographical area:

(In millions)	Years Ended
	February 2, 2024		February 3, 2023		January 28, 2022
United States	$	86,377	$	92,010	$	90,348
Canada1	—		5,049		5,902
Net Sales	$	86,377	$	97,059	$	96,250

1 The Canadian retail business was sold on February 3, 2023.