Welcome to our dedicated page for Lowe's Companies news (Ticker: LOW), a resource for investors and traders seeking the latest updates and insights on Lowe's Companies stock.
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) and Petco (Nasdaq: WOOF) have launched a pilot store-in-store program at Lowe's Alamo Ranch, Texas, set to open in February 2022. This collaboration aims to combine home improvement and pet care products, enhancing customer convenience. The initiative plans to expand to 14 additional locations across Texas, North Carolina, and South Carolina by March 2022. Customers can access a curated selection of Petco's nutrition, supplies, and services alongside Lowe's products, aiming to create a unique shopping experience for pet owners.
Lowe's Companies, Inc. (NYSE: LOW) hosted its 2022 Financial Outlook webcast on December 15, 2021, detailing its Total Home Strategy aimed at increasing market share and enhancing productivity. The company expects total sales for 2022 to range from $94 billion to $97 billion, with a comparable sales forecast of a decline of 3% to flat. Notably, Lowe's has authorized a new $13 billion share repurchase program, boosting total repurchase authorization to approximately $20 billion. The outlook for diluted earnings per share is projected between $12.25 and $13.00.
Lowe's is donating $1 million to aid immediate relief efforts following devastating tornadoes in Kentucky and the Central U.S. The donation supports disaster relief partners like the American Red Cross, providing essential services such as emergency shelter and supplies. Lowe's associates have already engaged in local relief activities, including distributing water and boarding up buildings in Mayfield, Kentucky. Additionally, Lowe's will deploy a Tool Rental Disaster Response Trailer to assist residents with equipment rentals. The company has committed over $4 million to disaster relief in 2021.
On Nov. 30, 2021, Lowe's announced its "Hometown Secret Santas" initiative, marking Giving Tuesday by supporting 100 local communities. This program allows each selected community advocate to receive $2,000 in gift cards to purchase gifts for deserving individuals or organizations. Additionally, Lowe's introduces its Winterfest event, featuring festive experiences, DIY Holiday House Kits, and a chance to win CRAFTSMAN tools valued over $10,000. These initiatives aim to spread joy and enhance community relationships during the holiday season.
Lowe's Companies (NYSE: LOW) will host a 2022 Financial Outlook webcast on December 15, 2021, from 8:00 a.m. to 9:00 a.m. Eastern Time. Chairman and CEO Marvin R. Ellison and CFO David M. Denton will discuss the company's financial outlook and priorities. A virtual Q&A session will follow. Interested participants can access the webcast via Lowe's Investor Relations website. A replay will be available starting at 12:00 p.m. ET on the same day through December 14, 2022.
Lowe's announces a multi-year initiative to position itself as the leading retail destination for aging-in-place solutions with the launch of Lowe's Livable Home. This new program will offer expertise, services, and a variety of products designed for all abilities. Collaborating with AARP, Lowe's will produce educational content and train associates to assist customers in adapting their homes. With 77% of adults 50+ wanting to remain in their homes, this commitment aims to meet a growing demand for age-friendly solutions.
Lowe's Companies reported net earnings of $1.9 billion and diluted EPS of $2.73 for Q3 2021, a significant increase from $692 million and $0.91 in Q3 2020. Total sales rose to $22.9 billion, with comparable sales up 2.2%. The company plans to repurchase approximately $3 billion in shares in Q4, totaling $12 billion for the year. Lowe's raises its FY 2021 revenue outlook to about $95 billion, with an operating margin of 12.4%. The strong momentum is attributed to successful strategies and increased Pro and DIY sales.
The Board of Directors of Lowe's Companies (NYSE: LOW) has announced a quarterly cash dividend of $0.80 per share. This dividend will be payable on February 2, 2022, to shareholders recorded by January 19, 2022. This decision follows Lowe's robust fiscal performance, with nearly $90 billion in sales during the previous fiscal year. The company continues to serve approximately 20 million customers weekly across its locations in the U.S. and Canada.
Lowe's Companies, Inc. (NYSE: LOW) will host its Third Quarter 2021 Earnings Conference Call on November 17, 2021, at 9:00 a.m. ET. Investors and analysts can access the live webcast via the Quarterly Earnings section on Lowe's Investor Relations website. Supplemental materials will be available prior to the call. A replay will be accessible from 12:00 p.m. ET on the same day until November 16, 2022.
Lowe's has announced the launch of Measure Your SpaceBETA, a new feature in its iOS app that enables users to scan rooms for accurate measurements and personalized estimates using LiDAR technology. This initiative aims to simplify home improvement projects by providing critical spatial data at users' fingertips. The app is expected to be available for compatible devices by the end of Q1 2022, starting with flooring projects, which are popular among homeowners. The goal is to enhance spatial commerce and improve customer engagement with advanced technology.
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