Lowe's Companies, Inc. reports developments tied to its home improvement retail business, including sales and earnings results, comparable sales trends, annual outlooks, cash dividends, and capital allocation. The company serves do-it-yourself, do-it-for-me, and professional customers through a national store, branch, and distribution network for home decorating, maintenance, repair, remodeling, lawn and garden, and project essentials.
Recurring Lowe's news also covers Pro customer credit and rewards programs, seasonal merchandising events, loyalty offerings such as home maintenance services, supply-chain technology partnerships, and community initiatives focused on housing, local renovation projects, disaster relief, and skilled trades training.
The Lowe's Foundation has partnered with Metallica's All Within My Hands foundation to support skilled trades education at community and technical colleges. Lowe's is donating $500,000 to the Metallica Scholars Initiative, funding critical training, equipment, recruiting, and wraparound services for hundreds of students at five community colleges. This initiative complements Lowe's Foundation's Gable Grants program and addresses the skilled labor shortage, with nearly 90% of contractors struggling to find skilled workers. The investment is part of Lowe's Foundation's $50 million commitment over five years to train 50,000 people for skilled trades careers. Since 2023, Lowe's has awarded approximately $18 million in Gable Grants to 24 organizations across the U.S.
Lowe's Companies (NYSE: LOW) has announced that its Chairman and CEO, Marvin R. Ellison, along with CFO Brandon J. Sink, will participate in a virtual fireside chat hosted by Oppenheimer & Co. Inc. The event will take place on Wednesday, June 26, 2024, at 9:00 a.m. ET. Hosted by Brian Nagel of Oppenheimer, the discussion will be available for live viewing on Lowe's Investor Relations site under 'Events and Presentations.' An archived webcast will be accessible approximately 24 hours after the live event.
Lowe's announced the promotion of Jennifer Wilson to senior vice president, chief marketing officer (CMO), effective June 10, 2024. Wilson, who joined Lowe's in 2006, will oversee strategic brand and product marketing, loyalty programs, creative, media, and the Lowe's retail media network. She will also lead a new customer experience organization. Wilson's previous roles at Lowe's include senior vice president, enterprise brand and marketing, and merchandising vice president, paint. CEO Marvin Ellison highlighted her extensive experience and successful initiatives, such as the MyLowe's Rewards loyalty program. Wilson aims to unlock customer value while driving business results.
Lowe's is pioneering a new era of in-store kitchen design with the launch of the Apple Vision Pro-powered Lowe's Style Studio™. This pilot, starting in June 2024, will be available in three select stores: Central Charlotte, N.C., North Bergen, N.J., and Sunnyvale, CA. Customers can use spatial computing to visualize and design their dream kitchens with the help of a Lowe's associate. The Style Studio™ app offers nearly 80 billion design combinations, allowing users to explore various materials, fixtures, and appliances in a 3D environment. The initiative is part of Lowe's ongoing efforts to enhance customer experiences through advanced technology.
The board of directors of Lowe's Companies (NYSE: LOW) has declared a quarterly cash dividend of $1.15 per share, a 5% increase from the previous dividend of $1.10. This payment is scheduled for August 7, 2024, for shareholders on record by July 24, 2024. Marvin R. Ellison, Lowe's chairman, president, and CEO, emphasized the company's commitment to growth and long-term shareholder value.
Lowe's has a long history of paying cash dividends each quarter since it went public in 1961, and this marks over 25 consecutive years of dividend increases.
Lowe's Companies (NYSE: LOW) reported first-quarter 2024 results with net earnings of $1.8 billion and diluted EPS of $3.06, down from $3.77 in Q1 2023. Excluding the 2022 sale of the Canadian retail business, adjusted diluted EPS was $3.67. Total sales declined to $21.4 billion from $22.3 billion in the prior year, with comparable sales down 4.1%. The company rolled out a new DIY loyalty program and expanded same-day delivery options. Lowe's repurchased 3.0 million shares for $743 million and paid $633 million in dividends. The company affirms its full-year 2024 outlook, projecting total sales of $84-$85 billion and a diluted EPS of $12.00-$12.30.
Lowe's Companies (NYSE: LOW) announced it will host its First Quarter 2024 Earnings Conference Call on May 21, 2024, at 9 a.m. EST. Investors can access the webcast and supplemental materials via the Quarterly Earnings section of Lowe's Investor Relations website. The webcast replay will be available from noon EST on May 21, 2024, through May 20, 2025.
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