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Lowe's Companies, Inc. reports developments tied to its home improvement retail business, including sales and earnings results, comparable sales trends, annual outlooks, cash dividends, and capital allocation. The company serves do-it-yourself, do-it-for-me, and professional customers through a national store, branch, and distribution network for home decorating, maintenance, repair, remodeling, lawn and garden, and project essentials.
Recurring Lowe's news also covers Pro customer credit and rewards programs, seasonal merchandising events, loyalty offerings such as home maintenance services, supply-chain technology partnerships, and community initiatives focused on housing, local renovation projects, disaster relief, and skilled trades training.
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 Interested parties can listen live online via Lowe's Investor Relations website, where an archived version will be available shortly after the event.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.
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.