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 announced the promotion of Jennifer Wilson to senior vice president, chief marketing officer (CMO), effective June 10, 2024. Wilson, who joined Lowe's in 2006, will oversee strategic brand and product marketing, loyalty programs, creative, media, and the Lowe's retail media network. She will also lead a new customer experience organization. Wilson's previous roles at Lowe's include senior vice president, enterprise brand and marketing, and merchandising vice president, paint. CEO Marvin Ellison highlighted her extensive experience and successful initiatives, such as the MyLowe's Rewards loyalty program. Wilson aims to unlock customer value while driving business results.
Lowe's is pioneering a new era of in-store kitchen design with the launch of the Apple Vision Pro-powered Lowe's Style Studio™. This pilot, starting in June 2024, will be available in three select stores: Central Charlotte, N.C., North Bergen, N.J., and Sunnyvale, CA. Customers can use spatial computing to visualize and design their dream kitchens with the help of a Lowe's associate. The Style Studio™ app offers nearly 80 billion design combinations, allowing users to explore various materials, fixtures, and appliances in a 3D environment. The initiative is part of Lowe's ongoing efforts to enhance customer experiences through advanced technology.
The board of directors of Lowe's Companies (NYSE: LOW) has declared a quarterly cash dividend of $1.15 per share, a 5% increase from the previous dividend of $1.10. This payment is scheduled for August 7, 2024, for shareholders on record by July 24, 2024. Marvin R. Ellison, Lowe's chairman, president, and CEO, emphasized the company's commitment to growth and long-term shareholder value.
Lowe's has a long history of paying cash dividends each quarter since it went public in 1961, and this marks over 25 consecutive years of dividend increases.
Lowe's Companies (NYSE: LOW) reported first-quarter 2024 results with net earnings of $1.8 billion and diluted EPS of $3.06, down from $3.77 in Q1 2023. Excluding the 2022 sale of the Canadian retail business, adjusted diluted EPS was $3.67. Total sales declined to $21.4 billion from $22.3 billion in the prior year, with comparable sales down 4.1%. The company rolled out a new DIY loyalty program and expanded same-day delivery options. Lowe's repurchased 3.0 million shares for $743 million and paid $633 million in dividends. The company affirms its full-year 2024 outlook, projecting total sales of $84-$85 billion and a diluted EPS of $12.00-$12.30.
Lowe's Companies (NYSE: LOW) announced it will host its First Quarter 2024 Earnings Conference Call on May 21, 2024, at 9 a.m. EST. Investors can access the webcast and supplemental materials via the Quarterly Earnings section of Lowe's Investor Relations website. The webcast replay will be available from noon EST on May 21, 2024, through May 20, 2025.
FAQ
What is Lowe's Companies, Inc.'s core business?
Where is Lowe's headquartered?
How many stores does Lowe's operate?
What is the Lowe's Foundation?
What recent technological innovations has Lowe's introduced?
What percentage of Lowe's sales comes from DIY customers?
How much did Lowe's repurchase in shares recently?
What is Lowe's Total Home strategy?
How can customers benefit from MyLowe's Rewards?
How does Lowe's support the communities it serves?
