MOORESVILLE, N.C., Feb. 27, 2019 /PRNewswire/ -- Lowe's Companies, Inc. (NYSE: LOW) today reported a net loss of $824 million and diluted loss per share of ($1.03) for the quarter ended Feb. 1, 2019, which included pre-tax charges of $1.6 billion, compared to net earnings of $554 million and diluted earnings per share of $0.67 in the fourth quarter of 2017. Excluding certain charges which are described below, adjusted diluted earnings per share1 increased 8.1 percent to $0.80 in the fourth quarter of 2018 compared to adjusted diluted earnings per share1 of $0.74 in the fourth quarter of 2017.
The $1.6 billion in pre-tax charges recognized in the fourth quarter included the following:
$952 million related to a non-cash goodwill impairment charge associated with the company's Canadian operations;
$208 million of charges, primarily lease obligations, related to the previously announced closing of all Orchard Supply Hardware locations;
$150 million of charges, primarily lease and severance obligations as well as accelerated depreciation and amortization, related to the previously announced closing of certain underperforming stores in the U.S. and Canada as well as other locations in Canada;
$222 million related to asset impairment charges associated with the previously announced exit of retail operations in Mexico;
$32 million of inventory write-down, severance obligations and other costs associated with the wind down of Iris Smart Home; and
$13 million in severance obligations associated with the elimination of the Project Specialists Interiors position.