Welcome to our dedicated page for Lowe's Companies news (Ticker: LOW), a resource for investors and traders seeking the latest updates and insights on Lowe's Companies stock.
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 has announced a significant $2 million donation to Building Homes for Heroes, aimed at constructing and modifying up to 75 homes for veterans and first responders over the next two years. This contribution marks the largest single corporate gift to the organization since 2020, bringing Lowe's total donations to over $3.4 million since their partnership began in 2020. The initiative highlights Lowe's commitment to supporting military families, evidenced by a 10% discount offered to eligible military members and their families. Building Homes for Heroes has achieved notable milestones, including the construction of its 300th home in September 2022. As part of its community support, Lowe's also employs approximately 26,000 military associates and has received recognition as a top military-friendly company.
Lowe's has introduced a new suite of mobile tools to enhance efficiency for professional contractors, known as the MVPs Business Tools. These tools are designed to streamline the shopping experience, allowing contractors to manage orders directly from Lowe's mobile app or website. Key features include:
- Online Quoting: Quick quote generation and guaranteed pricing for seven days.
- Volume Savings Program: Savings for orders of $1,500 or more.
- Buy It Again: Simple reordering of frequently purchased items.
- Order Tracking: Centralized view of purchases and delivery tracking.
Research indicates that 61% of professionals expect quicker shopping solutions from retailers. Lowe's aims to support this demand with its MVPs Pro Rewards and Partnership Program, which rewards efficiency and business growth.
Lowe's Companies, Inc. (NYSE: LOW) announced the appointment of Juliette Pryor as executive vice president, chief legal officer, and corporate secretary, effective May 3, 2023. Pryor, who has over 30 years of legal experience, previously held similar roles at Albertsons, Cox Enterprises, and US Foods. She succeeds Bill McCanless, who is retiring after serving since 2015. Lowe's CEO, Marvin Ellison, praised Pryor's extensive legal background and leadership skills, expressing confidence in her contribution to the executive team. The company reported total sales exceeding $97 billion for FY 2022, with around $92 billion generated in the U.S., where it operates over 1,700 stores and employs approximately 300,000 associates.
Lowe's has announced a donation of $500,000 to support recovery efforts following a series of devastating tornadoes in the U.S. The funds will aid disaster relief partners, including the American Red Cross, to provide essential services such as emergency shelter and food to affected communities. In addition to financial support, Lowe's associates have actively participated in relief activities across several locations, distributing over 1,100 buckets filled with supplies and over 700 cases of water. The company is also doubling its matching contributions to the Lowe's Employee Relief Fund, increasing support for its associates. This initiative aligns with Lowe's commitment to assist communities in crisis.
Lowe's Companies, Inc. (NYSE: LOW) announced that all stores and contact centers will close on Easter Sunday, April 9, 2023, for the fourth consecutive year. This decision is made in appreciation of the hard work and dedication shown by their approximately 300,000 associates, enabling them to spend the holiday with family. CEO Marvin Ellison highlighted the commitment of associates in providing excellent customer service throughout the year. Although stores will be closed, Lowes.com will remain operational for customer needs.
Lowe's (NYSE: LOW) announced on March 28, 2023, its decision to sell $3 billion in Notes to finance general corporate purposes. The offerings include:
- $1.0 billion of 4.800% Notes due 2026
- $1.0 billion of 5.150% Notes due 2033
- $500 million of 5.750% Notes due 2053
- $500 million of 5.850% Notes due 2063
The offering is led by BofA Securities, Citigroup, J.P. Morgan, and Mizuho Securities, with expected closing on March 30, 2023, pending customary conditions.
Lowe's has launched its third annual SpringFest event, running from March 30 to April 26, featuring significant discounts on gardening products and more. According to a recent survey, over half of homeowners plan to enhance their gardens this spring. The event aims to assist these homeowners with expert guidance and offers like 5 for $10 on mulch and $99 on selected tools. Shoppers can also participate in a $150,000 SpringFest sweepstakes. Alongside, Lowe's will host free workshops to engage families, enhancing their customer experience while promoting outdoor gardening.
Lowe's Companies, Inc. (NYSE: LOW) has declared a quarterly cash dividend of $1.05 per share, set to be paid on May 10, 2023. Shareholders of record by April 26, 2023 will receive this dividend. The company reported over $97 billion in total sales for fiscal 2022, with approximately $92 billion generated in the U.S. Lowe's serves around 17 million customer transactions weekly and operates over 1,700 home improvement stores nationwide, employing nearly 300,000 associates.
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