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Lowe's Companies, Inc. (NYSE: LOW) is a leading American retail company specializing in home improvement, headquartered in Mooresville, North Carolina. With over 1,700 stores across the United States, Lowe's stands as the second-largest home improvement retailer globally. The company caters to both retail do-it-yourself (DIY) enthusiasts and professional contractors, offering a wide range of products for home decorating, maintenance, repair, and remodeling.
In 2023, Lowe's divested its Canadian locations, focusing its operations exclusively within the United States. Approximately 75% of Lowe's sales come from DIY customers, while the remaining 25% is attributed to commercial and professional business clients. Recent financial reports indicate that Lowe's generated $21.4 billion in sales for the first quarter of 2024, reflecting a slight decline compared to the previous year, largely due to decreased DIY discretionary spending.
Lowe's continues to innovate and expand its offerings. The company recently launched MyLowe's Rewards, a loyalty program that provides exclusive perks and savings for DIY customers. Additionally, Lowe's is pioneering the use of advanced technologies such as the Apple Vision Pro, with the Lowe's Style Studio, an immersive 3D kitchen design tool that allows customers to visualize their dream kitchens using spatial computing.
The Lowe's Foundation is a significant part of the company's community engagement strategy. It has committed $50 million over five years to prepare 50,000 individuals for skilled trade careers through grants and training programs. Recent initiatives include the awarding of $3 million in Gable Grants to national nonprofits for innovative skilled trades training.
Lowe's also maintains a strong focus on shareholder value through disciplined capital allocation. In the most recent quarter, the company repurchased approximately 3 million shares and paid dividends totaling $633 million. Despite current economic uncertainties, Lowe's remains committed to executing its Total Home strategy, aiming to provide comprehensive solutions for all customer home improvement needs.
For more information on Lowe's latest updates and programs, visit their website at Lowes.com.
Lowe's (NYSE: LOW) unveiled its 2025 Total Home Strategy, focusing on five key growth initiatives: Pro Penetration, Online Sales, Home Services, Loyalty Ecosystem, and Space Productivity. The company announced several major developments, including: a new AI framework to enhance customer experience, the launch of the first product marketplace in U.S. home improvement, a revamped Pro loyalty program (MyLowe's Pro Rewards), and Pro Extended Aisle for jobsite delivery.
The company plans to open 10-15 new stores annually in fast-growing U.S. markets and expand its rural offering to 150 more stores, reaching nearly 500 rural locations. Lowe's expects to generate approximately $1 billion in annual cost savings through Perpetual Productivity Improvement initiatives while maintaining its capital allocation strategy focused on strategic growth and shareholder value.
Lowe's (NYSE: LOW) has announced its upcoming 2024 Analyst and Investor Conference, scheduled for December 11 at 8 a.m. Eastern time in New York City. The company will present updates on key growth initiatives and financial targets, both near-term and long-term.
Supplemental materials will be available at 6 a.m. ET on the conference day. The event will be accessible via webcast through the Events & Presentations section of Lowe's Investor Relations website. A replay will be available from noon ET on December 12, 2024, through December 11, 2025.
Lowe's (NYSE: LOW) reported third quarter 2024 results with net earnings of $1.7 billion and diluted EPS of $2.99. Total sales reached $20.2 billion, down from $20.5 billion in the prior year, with comparable sales declining 1.1%. The company recognized a $54 million pre-tax gain from the 2022 Canadian retail business sale, impacting EPS by $0.10. Excluding this gain, adjusted diluted EPS was $2.89.
Performance was driven by high-single-digit Pro sales growth and strong online sales, despite softness in DIY bigger-ticket discretionary demand. During the quarter, Lowe's repurchased 2.9 million shares for $758 million and paid $654 million in dividends.
Lowe's Companies (NYSE: LOW) announced that its board of directors has declared a quarterly cash dividend of $1.15 per share. The dividend will be paid on February 5, 2025, to shareholders who are on record as of January 22, 2025.
Lowe's has launched a $2.5 million Western North Carolina Small Business Recovery Fund to support small businesses affected by Hurricane Helene. The fund will provide 100 grants of $20,000 each to small businesses in disaster-declared communities, totaling $2 million in direct business support. Applications will be open from Nov. 18-22. Additionally, Lowe's will distribute 3,000 family-style Thanksgiving meals purchased from local caterers and host a Holiday Pop-Up event for affected local artisans, who will receive $1,000 grants. These initiatives are part of Lowe's larger $12 million pledge for relief and recovery efforts in Western North Carolina following Hurricanes Helene and Milton.
Lowe's Companies (NYSE: LOW) has announced its Third Quarter 2024 Earnings Conference Call, scheduled for Tuesday, November 19, at 9 a.m. Eastern time. The company will provide a webcast through the Quarterly Earnings section of their Investor Relations website. Supplemental materials will be available 15 minutes before the call begins. A replay of the webcast will be accessible from noon ET on November 19, 2024, through November 18, 2025.
Lowe's has launched its new Digital Home Platform, a free service exclusively for MyLowe's Rewards members. The platform provides personalized information about home appliances, including warranties, manuals, maintenance suggestions, and how-to content. Initially focusing on appliances purchased within the past five years, the platform automatically displays product information for items linked to members' accounts.
Key features include product information storage, maintenance reminders, compatible product recommendations, and how-to guides. The platform, developed by Lowe's Innovation Labs, aims to create a digital twin for homes and complements other technological initiatives like Style Studio™ and Measure Your Space®.
Lowe's (NYSE: LOW) announces its holiday season offerings, featuring exclusive deals and savings for customers and MyLowe's Rewards members. The company is offering up to 35% off select major appliances and up to $500 off select LG appliances during Black Friday. MyLowe's Rewards members get early access to Black Friday doorbusters on Lowes.com, with deals continuing throughout December. The first 25 members visiting stores on Black Friday will receive a holiday 'bucket of gifts' valued up to $150. The company is providing convenient shopping options including Same Day delivery and Buy Online, Pick Up In Store services. Stores will be closed on Thanksgiving and Christmas Day.
Lowe's Companies, Inc. (NYSE: LOW) has announced its 2024 Vendor Partners of the Year. The winners are:
- Pella® (Building Products Vendor Partner of the Year)
- Schluter Systems (Home Décor Vendor Partner of the Year)
- Klein Tools (Hardlines Vendor Partner of the Year and Building Products Innovation Partner of the Year)
Additionally, Henkel was named Lowe's Sustainability Partner of the Year for its commitment to reducing emissions and investing in renewable energy. The company also recognized innovation partners and divisional winners across its three merchandising divisions: building products, hardlines, and home décor.
Bill Boltz, Lowe's executive vice president of merchandising, praised these partners for their commitment to customer needs, innovation, and value. Lowe's, a FORTUNE® 50 home improvement company, operates over 1,700 stores and serves approximately 16 million customer transactions weekly in the United States.
Lowe's has pledged $2 million to support relief efforts in response to Hurricane Helene's multi-state impact. The donation will assist nonprofit partners and first responders in addressing critical needs and supporting long-term recovery. Lowe's is hosting relief events in over 25 communities to distribute cleanup supplies and working with first responders to provide essential products.
The company has deployed more than 150 Emergency Response Team members to support hard-hit areas in Georgia, Florida, and North Carolina. Lowe's is also providing assistance to its associates, including deploying shower and laundry trailers, and expediting financial aid through the Lowe's Employee Relief Fund. Customers can support relief efforts by rounding up their transactions at Lowe's stores through Nov. 3.
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