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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, Inc. (NYSE: LOW) will present at the Goldman Sachs 27th Annual Global Retailing Virtual Conference on September 9, 2020, at 10:50 a.m. Eastern Time. The presentation will feature Marvin R. Ellison, President and CEO, and David M. Denton, CFO. Interested parties can listen live online via Lowe's Investor Relations website, where an archived version will be available shortly after the event. Lowe's serves around 18 million customers weekly and reported $72.1 billion in sales for fiscal year 2019.
Lowe's announced a $1 million donation to assist relief efforts after Hurricane Laura devastated the Gulf Coast. The company has initially contributed $500,000 to the American Red Cross for emergency shelter and supplies. In response to the hurricane, over 3,000 truckloads of products have been dispatched to affected stores, with plans for 200 Emergency Response Team members to provide support. Lowe's has previously donated over $100 million in 2020 to pandemic-related community efforts, demonstrating ongoing commitment to disaster relief.
Lowe's partners with New York Fashion Week to bring high fashion to home design, featuring curated décor collections by prominent designers Jason Wu, Rebecca Minkoff, and Christian Siriano. Starting September 8, shoppers can purchase items inspired by these designers directly from Lowes.com. The collaboration aims to showcase how stylish, accessible, and affordable home design can be. Lowe's will livestream the outdoor runway shows and engage in community projects post-event to extend fashion's societal impact.
Lowe's Companies, Inc. (NYSE: LOW) announced a 9% increase in its quarterly cash dividend to $0.60 per share, payable on November 4, 2020, to shareholders of record as of October 21, 2020. This increase reflects the company's robust cash flow and strong business momentum, representing a total payout of approximately $455 million for the third quarter. Lowe's has consistently declared dividends since going public in 1961, highlighting its commitment to delivering strong shareholder returns.
Lowe's announced the launch of tool rental departments across the U.S., starting with Charlotte, N.C. on Aug. 20, 2020. This initiative aims to provide a comprehensive resource for DIY customers and professionals needing equipment without the burden of ownership. The rental services will feature commercial-grade equipment, a diverse array of tools, and user-friendly technology for reservations. Each department will occupy about 4,000 square feet and include a mechanic shop for tool servicing. The program is designed to save customers time and money while enhancing Lowe's Pro Services.
Lowe's Companies reported impressive second-quarter results for 2020, achieving net earnings of $2.8 billion and diluted EPS of $3.74, a substantial increase from $1.7 billion and $2.14, respectively, in the same quarter of 2019. Total sales rose to $27.3 billion, a 34.2% increase compared to the prior year. The company invested $460 million in support of associates and safety measures during COVID-19 and recorded a profit-sharing bonus of $107 million for its hourly workers. All U.S. regions and merchandising divisions exhibited notable sales growth, indicating a strong consumer focus on home improvement.
Lowe's Companies, Inc. (NYSE: LOW) will host its second quarter 2020 earnings conference call on August 19, 2020, at 9:00 a.m. ET. Investors can access the live webcast and supplemental materials via Lowe's Investor Relations website. A replay of the call will be available from 12:00 p.m. ET on August 19, 2020, until November 17, 2020. In fiscal year 2019, Lowe's reported $72.1 billion in sales, serving approximately 18 million customers weekly across over 2,200 stores.
Lowe's Companies, Inc. (NYSE: LOW) announced a significant expansion of its supply chain, planning to open 50 cross dock delivery terminals, seven bulk distribution centers, and four e-commerce fulfillment centers over the next 18 months. Notably, a West Coast fulfillment center in Mira Loma, California, set to open in October 2020, will enhance direct shipping capabilities, achieving nearly 100% two-day delivery coverage nationally. This initiative builds on a $1.7 billion investment aimed at enhancing distribution efficiency and facilitating job creation for nearly 5,000 positions.
Lowe's Companies, Inc. (NYSE: LOW) announced an additional $100 million in bonuses for associates facing hardships due to the pandemic, raising the total support to nearly $600 million. Full-time hourly associates will receive $300, while part-time and seasonal associates will get $150 on August 21. This follows previous bonuses and a $2 per hour pay increase for April. The company has also committed over $100 million in community assistance, helping healthcare workers and minority-owned businesses during these challenging times.
Lowe's (NYSE: LOW) announced an exclusive partnership with EGO, the leading brand in battery-powered outdoor power equipment, commencing December 2020. Lowe's will offer EGO's innovative products like mowers, blowers, and trimmers at all U.S. stores by February 2021. The EGO lineup features advanced 56V ARC Lithium™ technology, promising performance that rivals gas-powered tools. Additionally, Lowe's will introduce SKIL battery-powered equipment in late 2020, enhancing its commitment to sustainable products. This move solidifies Lowe's position as a leader in outdoor power equipment.
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