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 Companies has announced a notes offering amounting to $4 billion consisting of various maturities. The offering includes $1 billion of 1.300% Notes due 2028, $1.25 billion of 1.700% Notes due 2030, and $1.75 billion of 3.000% Notes due 2050. After expenses, the estimated net proceeds will be approximately $3.968 billion. Funds will be used to buy back existing notes and for general corporate purposes. The closing date is expected to be October 22, 2020.
Lowe's Companies (NYSE: LOW) announced cash tender offers for its outstanding notes, totaling up to $3.5 billion, to reduce interest expenses and manage its debt maturity profile. This includes various note series with different maturity dates and fixed spreads. The offers will expire on November 4, 2020, with an early tender deadline on October 21, 2020. Holders tendering before this date will receive an early tender premium of $30 per $1,000. The company reserves the right to amend the terms, including adjustments to tender caps.
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.