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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 (NYSE: LOW) announced the sale of $1.5 billion in 2.625% Notes due 2031 and $500 million in 3.500% Notes due 2051, totaling $2 billion. The estimated net proceeds are approximately $1.984 billion after expenses. These funds will be used for general corporate purposes, with closing expected on March 31, 2021. The offering is managed by BofA Securities, Citigroup, J.P. Morgan, and Mizuho. This announcement follows a strong fiscal year 2020 with nearly $90 billion in sales.
Lowe's is launching its month-long SpringFest celebration starting April 1, 2021, aimed at transforming homes into attractive destinations. The initiative includes free curbside family project kits, with events occurring every Thursday in April. A national survey shows 85% of respondents view their home as a sanctuary, with 70% not planning to travel this spring. Lowe's encourages home improvement projects, with nearly 90% of homeowners intending to undertake new projects. The event will feature product discounts and skill-building workshops, enhancing customers' outdoor spaces and DIY experiences.
The Board of Directors of Lowe's Companies, Inc. (NYSE: LOW) has declared a quarterly cash dividend of $0.60 per share, payable on May 5, 2021, to shareholders of record as of April 21, 2021. The company, based in Mooresville, N.C., reported fiscal year 2020 sales nearing $90 billion, serving approximately 20 million customer transactions weekly in the U.S. and Canada. Lowe's employs over 300,000 associates and operates more than 2,200 stores across North America.
Lowe's (NYSE: LOW) and Chervon announced the exclusive launch of the FLEX line of cordless power tools set to debut on April 12, 2021. This innovative range features the FLEX 24V platform, boasting industry-leading lithium-ion battery technology that offers 20% more power and 50% faster charging than competitors. Notable products include a powerful drill delivering 1,400 inch-pounds of torque and a reciprocating saw capable of cutting up to 50 4x4s on a single charge. The launch event, 'FLEX Face Off,' will showcase these tools against top industry brands.
On March 10, 2021, Lowe's and Habitat for Humanity International announced the kickoff of their third annual Women Build Week, running from March 8-15. This year will see the launch of 300 Women Build projects across the U.S., Canada, and India, aiming to support women-led households affected by the COVID-19 pandemic. Lowe's has increased its donation to nearly $2.7 million, up from $1.9 million in 2020, demonstrating a commitment to enhancing safe housing access. The partnership, established in 2003, has benefitted over 143,000 volunteers and funded over 6,000 housing projects.
Lowe's celebrates its 100th anniversary by launching the 100 Hometowns initiative, committing $10 million to fund 100 community impact projects across the U.S. in 2021. Nominations for project grants open on March 9 and will close on April 19, with selections announced in June. The initiative emphasizes community restoration and improvement, reflecting Lowe's core values of service. Award-winning artist Kane Brown will kick off the program in his hometown, Chattanooga, Tennessee, promoting local engagement and support.
The Editorial Advisory and Securities Review Committee of BetterInvesting Magazine has selected Lowe's Companies Inc. (NYSE:LOW) as the "Stock to Study" and Chevron Corp. (NYSE:CVX) as the "Undervalued Stock" in the May 2021 issue. The committee emphasizes the importance of diversification to minimize investment risk. Investors can access more insights on these selections through BetterInvesting's online tools, which provide fundamental data for each stock.
Lowe's Companies (NYSE: LOW) has announced that David M. Denton, the Chief Financial Officer, will participate in a Fireside Chat at the UBS Global Consumer & Retail Virtual Conference. The event is scheduled for 8:00 a.m. ET on March 10, 2021. Interested parties can listen live online or access the archived webcast on the Lowe's Investor Relations website. Lowe's serves approximately 20 million customers weekly and recorded nearly $90 billion in fiscal year 2020 sales, operating over 2,200 stores across the U.S. and Canada.
Lowe's Companies, Inc. (NYSE: LOW) announced that all stores in the U.S. and Canada will close on Easter Sunday, April 4, 2021, to honor over 300,000 associates. CEO Marvin R. Ellison emphasized the importance of spending time with family and assured staff that they can make up scheduled hours to avoid pay loss. The company also revealed a $80 million seventh discretionary bonus to associates, totaling over $900 million in pandemic-related bonuses and nearly $1.3 billion in COVID support since the pandemic began. Lowe's is hiring more than 50,000 seasonal and full-time associates.
Lowe's Companies reported strong financial results for Q4 2020, with net earnings of $978 million and diluted EPS of $1.32, up from $509 million and $0.66 respectively in Q4 2019. Adjusted diluted EPS increased 41.5% to $1.33. Total sales reached $20.3 billion, a 28.1% increase, with comparable sales for the U.S. home improvement sector rising 28.6%. The company also repurchased 21.1 million shares for $3.4 billion during the quarter. Looking ahead, Lowe's anticipates further market share growth and operating margin expansion in 2021.
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