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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 has announced a donation of $500,000 to aid disaster relief for communities impacted by severe flooding in eastern Kentucky. This contribution will support various non-profit organizations providing essential services such as emergency shelter and relief supplies. In addition, Lowe's stores are distributing over 400 buckets of cleanup supplies and deploying a disaster response team to assist local efforts. The company is also enhancing support for its associates in the affected area, including matching employee donations to the Lowe's Employee Relief Fund.
Lowe's has announced its largest product sourcing event, 'Into the Blue,' aiming to invest $5 million in new suppliers. The event seeks businesses of all sizes to pitch products for inclusion in over 1,700 stores and online. Applications are open until August 14, 2022, with selected businesses pitching on November 2-3, 2022, at Lowe's Tech Hub in Charlotte, N.C. The initiative focuses on helping innovative entrepreneurs succeed and offers extensive networking and educational opportunities.
Lowe's has achieved a significant milestone by reducing its greenhouse gas emissions by 42%, four years ahead of its 2025 goal. The company invested $10 million to complete 100 community impact projects through its '100 Hometowns' initiative. In its 2021 Corporate Responsibility report, Lowe's highlights engagement with over 1.8 million people through the Generation T movement and provided more than $4.5 million in relief to employees. Looking forward, Lowe's plans to set a net-zero target by the end of 2022.
Lowe's announced its Lowe's Hometowns program, committing $100 million over five years to fund 100 community-selected impact projects across 40 states and Washington, D.C. The projects aim to revitalize essential community spaces such as shelters, parks, and schools. With notable involvement from figures like Bobby Berk and Drew Brees, Lowe's focuses on addressing urgent community needs, emphasizing their dedication to service and community improvement.
Lowe's has launched its Open 3D Product Library, offering over 500 3D product assets for free to virtual and augmented reality developers. This initiative supports builders in creating immersive environments in the metaverse, emphasizing accessibility and interoperability. Additionally, Lowe's introduces a limited NFT wearable collection for the first 1,000 participants linked to a MetaMask wallet. This endeavor reflects Lowe's commitment to merging physical and virtual home improvement experiences, demonstrating their role in the evolving metaverse landscape.
Lowe's Companies, Inc. (NYSE: LOW) announces that CEO Marvin R. Ellison and CFO Brandon J. Sink will participate in a virtual fireside chat hosted by Oppenheimer & Co. Inc. The event is scheduled for 11:00 a.m. ET on June 21, 2022. Investors can access the audio webcast on Lowe's Investor Relations website where an archived version will be available approximately 24 hours post-event. Lowe's operates nearly 2,200 stores, serving around 19 million customer transactions weekly and generating over $96 billion in fiscal 2021 sales.
Lowe's and Habitat for Humanity International renew their partnership to tackle home repair projects across the U.S., allocating $2.5 million for three grants. These funds will support 628 projects managed by 100 local Habitat organizations, focusing on critical home repairs and accessibility enhancements. Since their initial partnership in 2003, Lowe's contributions to Habitat will surpass $84 million. This initiative aims to address the gap in affordable home repair services for low to moderate-income households, promoting safer living conditions.
Lowe's Companies, Inc. (NYSE: LOW) has announced a 31% increase in its quarterly cash dividend, now set at $1.05 per share, payable on August 3, 2022. Shareholders of record as of July 20, 2022 will benefit from this increase, up from the previous $0.80 per share. This marks Lowe's commitment to returning capital to shareholders, with a history of consistent quarterly dividends since 1961.
In fiscal year 2021, Lowe's reported sales exceeding $96 billion, reinforcing its position as a leading home improvement retailer.
Lowe's (NYSE: LOW) reported net earnings of $2.3 billion for Q1 2022, matching the previous year, with diluted EPS of $3.51, up from $3.21 in Q1 2021. Total sales decreased to $23.7 billion from $24.4 billion, with U.S. comparable sales down 3.8%. However, pro customer sales rose by 20%. The company remains optimistic about future sales, particularly as weather improves. For FY 2022, Lowe's affirms a sales outlook of $97 to $99 billion, with EPS guidance of $13.10 to $13.60. Capital allocation included $4.1 billion for share repurchases and $537 million in dividends.
Lowe's has announced a commitment of over $15 million to support national nonprofit partners in 2022. This funding includes more than $9 million to enhance access to safe, affordable housing and $4 million for skilled trades education. The initiative aims to help communities address critical housing challenges and develop future skilled trades professionals. Additionally, Lowe's is recognizing its ongoing support for military members and veterans through partnerships with organizations like USO and AMVETS.
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