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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 an additional $80 million in bonuses for front-line associates and plans to hire over 50,000 workers in U.S. stores this spring. The new bonuses increase Lowe's total commitment to associates and community support during the pandemic to nearly $1.3 billion. Active hourly associates will receive bonuses on Feb. 5, with full-time staff getting $300 and part-time $150. The initiative builds on hiring efforts that included over 90,000 associates in the past year to enhance service during peak times.
Lowe's Companies (NYSE: LOW) hosted a virtual Investor Update on December 9, 2020, unveiling its Total Home strategy aimed at enhancing market share. CEO Marvin R. Ellison emphasized a comprehensive approach to home solutions for DIY and Pro customers, focusing on customer engagement and an expanded online presence. CFO David M. Denton outlined plans for improved operating efficiency and a commitment to shareholder value through a $15 billion stock repurchase program. Lowe's forecasts a 22% sales increase for FY 2020, with expected diluted EPS between $7.53 and $7.63.
Lowe's (NYSE: LOW) has announced a donation of $1 million worth of pre-lit Christmas trees to families and organizations affected by the COVID-19 pandemic. In partnership with the NFL and various nonprofits, the initiative aims to deliver over 13,000 trees to those in need across the U.S. over the next two weeks. Notable NFL players, including Dak Prescott, will help distribute the trees. This effort aligns with Lowe's commitment to supporting communities during the holiday season, particularly in light of traditional celebrations being disrupted by the pandemic.
Lowe's Companies, Inc. (NYSE: LOW) will host a virtual investor update on December 9, 2020, from 8:00 a.m. to 10:00 a.m. Eastern Time. CEO Marvin R. Ellison and CFO David M. Denton will discuss the company's strategic growth, productivity initiatives, and provide an update on financial targets. A Q&A session will follow the presentation. Lowe's serves approximately 18 million customers weekly and reported $72.1 billion in sales for fiscal year 2019, operating over 2,200 stores with around 300,000 employees.
Lowe's Companies, Inc. (NYSE: LOW) reported net earnings of $692 million and diluted EPS of $0.91 for Q3 2020, impacted by a $1.1 billion loss on debt extinguishment. Adjusted diluted EPS rose 40% to $1.98, with sales increasing to $22.3 billion from $17.4 billion a year prior, and comparable sales up 30.1%. The company made significant investments, including $245 million for COVID-related support, and reinstated its share repurchase program, repurchasing 3.6 million shares for $621 million. For Q4 2020, Lowe's forecasts 15-20% sales growth and adjusted EPS guidance of $1.10 to $1.20.
Lowe's Companies, Inc. has declared a quarterly cash dividend of $0.60 per share, payable on February 3, 2021. Shareholders of record as of January 20, 2021 will receive this dividend. In 2019, Lowe's reported fiscal year sales of $72.1 billion and serves approximately 18 million customers weekly across over 2,200 stores in the U.S. and Canada. The company is committed to supporting communities through affordable housing initiatives and developing skilled trade programs.
Lowe's Companies, Inc. (NYSE: LOW) invites stakeholders to its Third Quarter 2020 Earnings Conference Call on November 18, 2020, at 9:00 a.m. ET. This call follows the release of their quarterly earnings report. Participants can access the call via the Lowe's Investor Relations website, with supplemental materials available 15 minutes prior. A replay will be available post-call through February 23, 2021. The company serves approximately 18 million customers weekly and reported $72.1 billion in sales for fiscal year 2019.
Lowe's Companies, Inc. (NYSE: LOW) issued a statement addressing media speculation regarding a potential transaction with HD Supply. The company has confirmed it is not in discussions with HD Supply and has no plans for any such transaction. Lowe's emphasized its practice of not commenting on rumors but deemed it necessary to clarify its position on this specific matter. The press release also includes a disclaimer about forward-looking statements and potential risks impacting future financial results.
Lowe's (NYSE: LOW) announced plans to hire 20,000 associates across U.S. stores and distribution centers to meet customer demand for the upcoming holiday season. The company is also providing an additional $100 million in bonuses to hourly associates, who will receive payments on Nov. 13. Full-time associates will receive $300, while part-time will get $150. This is part of Lowe's ongoing commitment to support its workforce amid the pandemic, totaling over $775 million in bonuses since March. The hiring initiative includes both seasonal and permanent roles.
Lowe's Companies (NYSE: LOW) announced early results of its cash tender offers for various series of outstanding notes totaling up to $3.98 billion. The tender offers aim to reduce interest expenses and manage debt maturity profiles. Amendments increased the aggregate tender cap and subcaps for specific notes. Valid tenders totaled significant amounts across multiple note series, with settlements expected by October 23, 2020. The offers are set to expire on November 4, 2020.
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