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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 (NYSE: LOW) announced additional $100 million in bonuses for front-line hourly associates, raising its total pandemic commitment to over $775 million. Bonuses will be distributed on October 16, with full-time associates receiving $300 and part-time or seasonal associates receiving $150. This follows previous support measures, including $675 million in financial aid throughout the year. Lowe's continues to support communities with over $100 million dedicated to small businesses affected by COVID-19.
Lowe's is launching drive-through curbside trick-or-treating events nationwide to adapt to changing Halloween traditions due to the pandemic. Scheduled for Oct. 22 and Oct. 29 from 6-7 p.m., families can reserve a spot starting Oct. 10 at Lowes.com/DIY. Participants will receive candy and a small pumpkin for free. Additionally, Lowe's is encouraging pumpkin carving for National First Responders Day on Oct. 28. The company aims to maintain community engagement and support during these uncertain times.
Lowe's announced the installation of pickup lockers at all U.S. stores by March 2021 to enhance the contactless delivery experience for online shoppers. The initiative supports the growing trend of online shopping, particularly during the pandemic. With more than 1,700 stores participating, customers can collect same-day orders seamlessly, eliminating checkout waits. This technology is expected to be prominent in major metro markets by Thanksgiving, and is partnered with Parcel Pending to ensure a secure, convenient experience. Lowe's aims to improve its customer experience and operational efficiency.
Lowe's has partnered with Daymond John from ABC's Shark Tank to launch Making It… With Lowe's, a program aimed at providing diverse small businesses an opportunity to pitch their products directly to Lowe's. From Sept. 15 to 25, entrepreneurs can apply for a chance to be featured online and in stores. The initiative includes mentorship, culminating in a virtual pitch challenge where five finalists can partner with Lowe's. This builds on Lowe's commitment to diversity, highlighted by a recent $55 million increase in its small business grant program.
Lowe's has launched the first-ever "Home Team," featuring 32 NFL players to foster community connections during the unique 2020 NFL season. Captains Lamar Jackson and Christian McCaffrey will lead the initiative, engaging fans and supporting local organizations. As the Official Home Improvement Retail Sponsor of the NFL, Lowe's is deepening partnerships with teams like the Ravens and Bears. Fans can explore NFL-branded merchandise and home improvement ideas, helping them transform their homes into stadiums. This initiative emphasizes the importance of community and connection in a time of social distancing.
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.
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