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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 Companies, Inc. (NYSE: LOW) hosted its 2022 Analyst and Investor Conference, announcing updates on strategic growth initiatives and long-term financial targets. Key highlights include a new $15 billion share repurchase program, building on a prior balance of $6.4 billion. Lowe's projects total sales of approximately $97 to $98 billion for FY 2022, with comparable sales expected to be flat to down 1%. The company remains committed to its Total Home strategy, focusing on enhancing its omnichannel capabilities, Pro penetration, and product assortment.
Lowe's Companies, Inc. (NYSE: LOW) will hold its 2022 Analyst and Investor Conference on December 7, 2022, at 8 a.m. Eastern Time in New York City. The company aims to present updates on essential growth initiatives and long-term financial targets. A live webcast will be available on the Lowe's Investor Relations website. Supplemental materials will be shared at 6 a.m. ET on the day of the event. A replay will be accessible from noon EST, December 8, 2022, to December 7, 2023.
Lowe's is enhancing its premium appliance range by partnering with Miele, a leading German manufacturer. Starting November 16, 2022, select Miele dishwashers and laundry appliances will be available on Lowes.com and in 149 stores from December. This collaboration aims to offer high-quality options for design-focused customers and promote Miele's innovative features, such as automatic detergent dispensing and energy-efficient technology. Miele products will cater to diverse consumer needs, enhancing accessibility to premium kitchen and laundry appliances.
Lowe's Companies, Inc. (NYSE: LOW) reported a Q3 net earnings of $154 million, translating to a diluted EPS of $0.25, impacted by a $2.1 billion asset impairment charge in its Canadian retail business. However, adjusted diluted EPS rose 19.8% to $3.27. Total sales reached $23.5 billion, up from $22.9 billion last year, with U.S. comparable sales increasing by 3%. The company has raised its full-year outlook, projecting total sales of $97-98 billion and adjusted EPS of $13.65 to $13.80. Capital allocation includes $4.0 billion in share repurchases and $666 million in dividends.
Lowe's Companies, Inc. (NYSE: LOW) has declared a quarterly cash dividend of $1.05 per share, payable on February 8, 2023. Shareholders of record as of January 25, 2023 will receive this dividend. Lowe's continues to serve around 19 million customer transactions weekly across its 2,200 home improvement stores in the U.S. and Canada, generating over $96 billion in sales for fiscal year 2021.
Lowe's has partnered with Wyndham Hotels to provide stranded travelers a cozy holiday experience on one of the busiest travel days, Nov. 23. This initiative, called the Holiday Home Layover, will offer 50 specially decorated hotel rooms equipped with Lowe's products at five airports across the U.S. Customers can also shop these festive products online. This collaboration aims to ease the stress of travel disruptions by creating a warm atmosphere for those unable to reach home during the holidays. For more information, visit LowesHomeLayover.com.
Lowe's Companies, Inc. (NYSE: LOW) will host its Third Quarter 2022 Earnings Conference Call on November 16 at 9 a.m. Eastern Time. A webcast will be available on Lowe's Investor Relations website, with supplemental materials accessible 15 minutes prior to the call. A replay will be available from noon EST on November 16, 2022, to November 15, 2023. Lowe's operates around 2,200 stores and reported over $96 billion in sales for fiscal year 2021, serving approximately 19 million customers weekly across the U.S. and Canada.
Lowe's Companies (NYSE: LOW) has agreed to sell its Canadian retail operations to Sycamore Partners for $400 million in cash, plus performance-based deferred compensation. The sale will simplify Lowe's business model and is expected to close in early 2023. The Canadian segment accounts for approximately 7% of Lowe's total sales and 60 basis points of operating margin dilution for the fiscal year 2022. A pre-tax non-cash impairment charge of about $2.0 billion will be recorded due to this divestiture.
Lowe's has launched the Blue Wreath Project this Veterans Day to honor military service members. From Nov. 1 to Nov. 11, for every item purchased from this collection on Lowes.com, the company will donate $1, up to a total of $50,000, to Building Homes for Heroes.
Continuing its support for veterans, Lowe's has committed over $3 million to organizations that enhance access to housing and skilled trades education. The company also provides a 10% discount for military personnel and their families, saving nearly $1 billion annually.
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