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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 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.
Lowe's Companies (NYSE: LOW) announced a nationwide requirement for customers to wear masks or face coverings in U.S. stores, effective July 20, 2020. To facilitate this, free masks will be available at customer service desks while supplies last. CEO Marvin R. Ellison emphasized the responsibility to ensure a safe shopping experience during the pandemic. The move aligns with CDC recommendations and reflects Lowe's commitment to safety, as associates have been required to wear masks since May. This initiative follows various operational measures for social distancing.
Lowe's Companies, Inc. (NYSE: LOW) has increased its minority small business grants from $25 million to $30 million and donated an additional $25 million to its grant program with the Local Initiatives Support Corporation (LISC). The total commitment now stands at $55 million, supporting rural communities severely impacted by the pandemic. Lowe's is now the largest donor to LISC's Small Business Relief Program. Additionally, this summer, selected Lowe's stores will host drive-in movies to raise funds for small business relief, matching donations up to $50,000.
Lowe's Companies, Inc. (NYSE: LOW) announces that David M. Denton, CFO, will join a virtual fireside chat hosted by Evercore ISI. This event is scheduled for 8:30 a.m. Eastern Time on July 17, 2020. Investors can access the live discussion online at Lowes.com. Lowe's, a FORTUNE® 50 home improvement retailer, serves about 18 million customers weekly and reported $72.1 billion in sales for fiscal year 2019. The company operates over 2,200 stores and employs around 300,000 associates.
Lowe's Companies, Inc. (NYSE: LOW) announced $100 million in bonuses for its front-line associates amid ongoing COVID-19 challenges, raising total pandemic-related support to over $450 million. Full-time associates will receive $300, while part-timers and seasonals will get $150, complementing earlier bonuses. Additionally, Lowe's increased hourly wages by $2 in April and allocated $87 million in profit-sharing bonuses. The company also donated $70 million to support healthcare workers and minority-owned businesses. This commitment highlights Lowe's focus on employee welfare and community support during the pandemic.
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