1、2022 ANNUAL REPORT 32022 Annual ReportLOWES COMPANIES,INC.2022 ANNUAL REPORT4 LOWES COMPANIES,INC.Lowes Companies,Inc.(NYSE:LOW)is a FORTUNE 50 home improvement company serving approximately 17 million customer transactions a week in the U.S.With total fiscal year 2022 sales of over$97 billion,appro
2、ximately$92 billion of sales were generated in the U.S.,where Lowes operates over 1,700 home improvement stores and employs approximately 300,000 associates.Based in Mooresville,N.C.,Lowes supports the communities it serves through programs focused on creating safe,affordable housing and helping to
3、develop the next generation of skilled trade experts.For more information,visit L.Together,deliver the right home improvement products,with the best service and value,across every channel and community we serve.Dear Shareholders,As I reflect on 2022,I feel privileged to work for a team that continue
4、s to drive such tremendous progress across the business,despite macroeconomic uncertainty.As a company,we are seeing clear momentum with our Total Home strategy as we position Lowes as the one-stop shop for do-it-your-self(DIY)and Pro customers to get everything they need for their home improvement
5、projects.We continue to enhance our omnichannel capabilities,increase our Pro penetration and deliver everyday value for our DIY customers.As a result of this focus,we grew adjusted operating margin1 to 13%in 2022 which is more than a 440-basis point improvement from 2018reflecting our persistent fo
6、cus on driving productivity across every aspect of our business.Through our disciplined capital allocation strategy,we remain committed to generating long-term sustainable value for our share-holders.In 2022,we returned$16.5 billion to our shareholders through a combination of share repurchases and