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.
HGTV Home® by Sherwin-Williams has launched Cabinet & Furniture paint, a new acrylic urethane enamel exclusively available at Lowe's. This innovative product offers a factory-like finish on cabinets and furniture, can be tinted to any color, and comes in satin and semi-gloss sheens. The paint is designed to help customers reimagine spaces without costly renovations, making it ideal for kitchens and bathrooms.
Key features include resistance to stains, scuffs, scratches, and moisture, as well as a mildew- and mold-resistant finish. It offers exceptional adhesion and coverage, prevents doors and drawers from sticking, and can be applied by brush, roller, or sprayer without leaving brush marks. The product aligns with current economic trends of homeowners opting to renovate existing spaces rather than move.
Lowe's (LOW) has announced a partnership with Charlotte-based track and field star Anna Cockrell, making her the first female athlete to join the Lowe's Home Team. This move follows successful collaborations with other high-profile athletes, including Lionel Messi. Cockrell, a gold medalist and Olympian, joins a roster of notable sports figures on the team.
To celebrate its partnership with USA Track & Field, Lowe's will offer a free American flag to the first 50 eligible loyalty program members at local stores on July 27, 2024. This initiative aligns with Lowe's commitment to community engagement and customer appreciation. The company's Home Team has been actively involved in nationwide community initiatives since 2020, working alongside professional athletes, associates, and contractors.
The Lowe's Foundation has announced nearly $8 million in Gable Grants to 11 community and technical colleges across the United States, bringing its total investment in skilled trades workforce development to over $25 million. This initiative is part of a five-year, $50 million commitment to support the training of 50,000 people for skilled trades careers.
The grants will fund expansion of programs in carpentry, construction, HVAC, electrical, plumbing, and appliance repair. Recipients include colleges from Arizona to Maine, focusing on both rural and urban communities. The funding will support new facilities, instructors, accreditation programs, and innovative solutions like mobile learning cottages to remove transportation barriers.
This investment aims to address the growing demand for skilled trades professionals and support economic mobility. The next Gable Grant application cycle for community-based nonprofits will run from August 1 to August 31, 2024.
Building Homes for Heroes has teamed up with Lowe's to gift over 40 mortgage-free homes to injured veterans and their families throughout 2024. The initiative will be supported by Lowe's Round Up for Charity campaign, which runs until August 4, 2024. This program aims to aid more than 2,500 veterans and first responders with various forms of support, including emergency funding and wellness programs. Lowe's has been partnering with Building Homes for Heroes since 2021. Highlights include the gifting of the 400th home by December and a significant milestone in 2023, when the organization modified its 343rd home in honor of FDNY heroes lost on 9/11. The partnership underscores Lowe's commitment to supporting veterans and first responders.
Lowe's announced $10 million in grants to 100 organizations as part of its Hometowns Community Impact Program. The grants will benefit 88 communities across 44 states and Washington, D.C., focusing on projects ranging from veterans' services to affordable housing and food insecurity. Projects include building safe homes for veterans in South Dakota and transforming a kitchenette into a full-size kitchen for foster children in Tennessee. Lowe's associates will complete over 1,700 revitalization projects using products and services from Lowe's. The initiative, part of a five-year, $100 million program, aims to improve community spaces and enhance lives.
The Lowe's Foundation has partnered with Metallica's All Within My Hands foundation to support skilled trades education at community and technical colleges. Lowe's is donating $500,000 to the Metallica Scholars Initiative, funding critical training, equipment, recruiting, and wraparound services for hundreds of students at five community colleges. This initiative complements Lowe's Foundation's Gable Grants program and addresses the skilled labor shortage, with nearly 90% of contractors struggling to find skilled workers. The investment is part of Lowe's Foundation's $50 million commitment over five years to train 50,000 people for skilled trades careers. Since 2023, Lowe's has awarded approximately $18 million in Gable Grants to 24 organizations across the U.S.
Lowe's Companies (NYSE: LOW) has announced that its Chairman and CEO, Marvin R. Ellison, along with CFO Brandon J. Sink, will participate in a virtual fireside chat hosted by Oppenheimer & Co. Inc. The event will take place on Wednesday, June 26, 2024, at 9:00 a.m. ET. Hosted by Brian Nagel of Oppenheimer, the discussion will be available for live viewing on Lowe's Investor Relations site under 'Events and Presentations.' An archived webcast will be accessible approximately 24 hours after the live event.
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.
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