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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 announces its plans for the holiday season as consumers express eagerness to spend more on gifts and traditions. Over 90% of shoppers intend to match or exceed their holiday spending compared to last year. The company is offering its largest selection of artificial trees, fresh-cut trees, and extensive holiday décor. The 'Season of Savings' event begins on Oct. 28, with weekly deals on various products. Lowe's remains committed to customer convenience, ensuring a smoother shopping experience both in-store and online, while also dedicating November to professional trades with special offers.
Lowe's Companies, Inc. (NYSE: LOW) launched the One Roof Media Network on October 13, 2021, a retail media service designed to enhance brand visibility in the home lifestyle sector. The network offers data-driven insights, ad placement on Lowes.com, and custom content to connect brands with consumers. Over 100 brands participated in early tests, achieving impressive returns such as a 700% return on ad spend. The initiative aims to scale up in 2022, integrating technology from CitrusAd and Criteo.
Lowe's Companies has named Anatolia Tile & Stone, Chervon, and Larson as its 2021 Vendor Partners of the Year, recognizing their exceptional products and services. Additionally, Hampton Lumber received the Sustainability Award for its commitment to responsible wood sourcing. Over the past two years, Lowe's has contributed over $200 million to various community initiatives. The company highlighted other divisional winners across its merchandising categories, showcasing its partnerships that have adapted to evolving business demands amidst challenging times.
Lowe's Companies, Inc. (NYSE: LOW) announced that David M. Denton, Chief Financial Officer, will participate in a virtual fireside chat hosted by Guggenheim Securities. This event is scheduled for October 14, 2021, at 10:00 a.m. ET. Interested parties can listen to the live audio webcast by visiting Lowe's Investor Relations. The archived webcast will be available for one year after the event. Lowe's serves around 20 million customers weekly and reported nearly $90 billion in sales for fiscal year 2020.
Lowe's is excited to announce its first-ever "Hal-LOWE-en" Trick-or-Treat Tryouts on October 21 from 5-7 p.m., allowing families to celebrate Halloween safely post-pandemic. Registration is available on Lowes.com, with events limited to 100 participants per store to ensure safety measures such as social distancing and face coverings. Participants can enjoy candy and photo opportunities in a festive setting. Lowe's aims to support families seeking creative Halloween experiences, enriching its community engagement.
Lowe's announced a special 10% discount for eligible first responders from October 22 to 24, 2021, as a token of appreciation for their service. Those qualifying include firefighters, EMTs, police officers, nurses, and physicians. Registration for the coupon starts today and ends on October 24. Additionally, Lowe's will host fire safety education events across over 1,000 stores nationwide during Fire Safety Month. The company emphasizes its ongoing commitment to disaster relief, having donated over $2 million following Hurricane Ida.
Lowe's has launched the Home Team Contest this NFL season, allowing fans to join a team with 12 NFL stars and compete for prizes, including a trip to Super Bowl LVI. Participants can complete DIY projects and will receive a limited-edition jersey designed by Marcus Rivero. The initiative also includes community improvement projects, with 12 NFL players partnering with Lowe's to renovate homes in need. Additionally, Lowe's introduces officially licensed paint colors for all 32 NFL teams, supported by a comprehensive marketing campaign.
Lowe's Companies, Inc. (NYSE: LOW) announced on Sept. 13, 2021, its agreement to sell $1 billion of 1.700% Notes due 2028 and $1 billion of 2.800% Notes due 2041. The net proceeds from this $2 billion offering will be used for general corporate purposes. The closing date is expected to be on September 20, 2021, pending customary conditions. Barclays Capital, Goldman Sachs, U.S. Bancorp, and Wells Fargo are managing the offering, which is made under an effective registration statement with the SEC.
Lowe's Companies, Inc. (NYSE: LOW) will participate in a virtual fireside chat at the Goldman Sachs 28th Annual Global Retailing Conference on September 9, 2021, at 10:00 a.m. ET. Marvin R. Ellison, chairman and CEO, and David M. Denton, CFO, will represent the company. Participants can access the live audio webcast on Lowe's Investor Relations website, which will be archived for a year. Lowe's is a leading home improvement company, serving about 20 million customers weekly and reporting nearly $90 billion in sales for fiscal 2020.
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