Lowe's 20th Corporate Responsibility Report Spotlights Progress, Long-term Goals

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07/11/2023 - 01:31 PM

Company provides its path to net zero, outlining goal to reduce emissions across full value chain

MOORESVILLE, N.C., July 11, 2023 /PRNewswire/ -- Published today, Lowe's 2022 Corporate Responsibility Report details the company's advancements in product sustainability, operational excellence and community support, demonstrating Lowe's commitment to corporate citizenship.

"At Lowe's, we take pride in being one of the most trusted brands in America, and I'm grateful for the 300,000 associates whose hard work and dedication make that possible," said Marvin Ellison, Lowe's chairman and CEO. "We have a responsibility to the customers and communities we serve, and this report not only reflects our efforts and advancements but also our culture of continuous improvement."

Lowe's 20^th corporate responsibility report spotlights the company's associate and community investments, along with its path to net zero emissions.

"This report demonstrates Lowe's two decades of leading by example, making decisions that are good for our business and good for our planet," said Chris Cassell, Lowe's vice president, corporate sustainability. "We're in a unique position to help customers live more sustainably through our products and supplier relationships. It's going to take strong collaboration, and we will continue to share updates along the way."

Highlights of Lowe's Corporate Responsibility report include:

Continued progress against Lowe's interim and long-term net-zero emissions targets, announced in December 2022 and further illustrated in the report's "Our Path to Net Zero" page. The company has achieved a 49% reduction in scope 1 and 2 greenhouse gas emissions since 2016 and a 6% reduction in total energy consumption since 2021.
Collaborated with suppliers to help drive efficiency, electrification and renewable energy in manufacturing processes. Of Lowe's strategic suppliers, 86% have set sustainability goals.
Demonstrated ongoing commitment to associates by awarding more than $580 million in bonuses to frontline associates and by filling more than 80% of leadership positions from within in 2022.
Surpassed the company's 2025 goal to invest $350 million in local communities by investing over $400 million since 2018 in initiatives focused on supporting critical housing repairs, skilled trades workforce development and disaster relief.
Launched Lowe's Hometowns, a five-year, $100 million initiative designed to improve and revitalize communities across the United States. Lowe's Hometowns grants benefit efforts ranging from the improvement of housing and community centers to transforming outdoor spaces and facilities for first responders and veterans.
Named to the Dow Jones Sustainability Index for North America for the fourth consecutive year.

Today Lowe's also released its third Culture, Diversity & Inclusion Report, which details the company's diversity and inclusion strategies and programs for its associates. In 2022, Lowe's added its eighth Business Resource Group, Generations, which is focused on the company's multi-generational workforce and customer base.

To learn more about corporate responsibility at Lowe's, please visit responsibility.lowes.com.

About Lowe's

Lowe's 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, approximately $92 billion of sales were generated in the U.S., where Lowe's operates over 1,700 home improvement stores and employs approximately 300,000 associates. Based in Mooresville, N.C., Lowe's supports the communities it serves through programs focused on creating safe, affordable housing and helping to develop the next generation of skilled trade experts. For more information, visit Lowes.com.

Disclosure Regarding Forward-Looking Statements

This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements including words such as "believe," "expect," "anticipate," "plan," "desire," "project," "estimate," "will," "should," "could," "would," "may," "strategy," "potential," "opportunity," and similar expressions are forward-looking statements. Forward-looking statements involve, among other things, expectations, projections and assumptions about our sustainability program and goals. Such statements involve risks and uncertainties, and we can give no assurance that they will prove to be correct or that any plan, initiative, projection, goal, commitment or expectation can or will be achieved. Actual results may differ materially from those expressed or implied in such statements. Investors should carefully consider the risk and uncertainties described in "Item 1A - Risk Factors" in our most recent Annual Report on Form 10-K and as may be updated from time to time in Item 1A in our quarterly reports on Form 10-Q or other subsequent filings with the Securities and Exchange Commission. All such forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update these statements other than as required by law.

Contacts:
Media Inquiries:
Steve Salazar
steve.j.salazar@lowes.com

Shareholder / Analyst Inquiries:
Kate Pearlman
704-775-3856
kate.pearlman@lowes.com