Lowe's Companies Inc (LOW)

Business Description

Lowe's Companies, Inc. is a leading home improvement retailer operating 1,746 stores in the United States as of February 2, 2024, focusing on providing a comprehensive range of products and services for both professional customers and individual homeowners . The company offers a wide array of products across several categories, including Appliances, Seasonal & Outdoor Living, Lumber, Lawn & Garden, Kitchens & Bath, Hardware, Building Materials, Millwork, Paint, Rough Plumbing, Tools, Electrical, Flooring, and Décor . Lowe's emphasizes its Total Home strategy, aiming to provide a one-stop solution for home improvement needs, catering to both DIY and professional customers .

Home Décor - Offers a variety of products including Appliances, Décor, Flooring, Kitchens & Bath, and Paint, catering to aesthetic and functional home improvement needs.
Building Products - Provides essential materials such as Lumber, Building Materials, and Millwork for construction and renovation projects.
Hardlines - Supplies Tools, Hardware, Electrical, and Rough Plumbing products for both professional and DIY projects.
Seasonal & Outdoor Living - Features products for outdoor spaces, including Lawn & Garden equipment and seasonal items to enhance outdoor living areas.

Key Metrics

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Executive Team

Name	Position	Start Date	Short Bio
Marvin R. Ellison	Chairman, President, and Chief Executive Officer	May 2021	Marvin R. Ellison has been serving as the Chairman, President, and CEO of Lowe's since May 2021. He joined Lowe's as President and CEO in July 2018. Previously, he held leadership roles at J.C. Penney and The Home Depot .
William P. Boltz	Executive Vice President, Merchandising	August 2018	William P. Boltz has been EVP, Merchandising at Lowe's since August 2018. Before Lowe's, he was President and CEO of Chervon North America and held senior positions at The Home Depot .
Janice M. Dupré	Executive Vice President, Human Resources	June 2020	Janice M. Dupré has been EVP, Human Resources at Lowe's since June 2020. She was previously SVP, Talent Management & Diversity at Lowe's and held leadership roles at McKesson Corporation .
Seemantini Godbole	Executive Vice President, Chief Digital and Information Officer	September 2022	Seemantini Godbole is EVP, Chief Digital and Information Officer at Lowe's since September 2022. She was previously EVP, Chief Information Officer at Lowe's and held senior roles at Target Corporation .
Joseph M. McFarland III	Executive Vice President, Stores	August 2018	Joseph M. McFarland III has been EVP, Stores at Lowe's since August 2018. He was previously EVP and Chief Customer Officer at J.C. Penney and held leadership roles at The Home Depot .
Juliette W. Pryor	Executive Vice President, Chief Legal Officer, and Corporate Secretary	May 3, 2023	Juliette W. Pryor serves as EVP, Chief Legal Officer, and Corporate Secretary at Lowe's since May 3, 2023. She previously held executive legal positions at Albertsons Companies and Cox Enterprises .
Brandon J. Sink	Executive Vice President, Chief Financial Officer	April 2022	Brandon J. Sink has been EVP, Chief Financial Officer of Lowe's since April 2022. He previously held various finance positions at Lowe's, including SVP of Retail Finance and VP of Merchandising Finance .
Margrethe R. Vagell	Executive Vice President, Supply Chain	March 2024	Margrethe R. Vagell is EVP, Supply Chain at Lowe's, starting in March 2024. She was previously SVP, Supply Chain and held other senior positions at Lowe's .
Quonta D. Vance	Executive Vice President, Pro and Home Services	June 2023	Quonta D. Vance is EVP, Pro and Home Services at Lowe's since June 2023. She was previously SVP, Transportation and Final Mile at Lowe's and held leadership roles at The Home Depot .

Questions to Ask Management

Given the continued softness in DIY discretionary demand, particularly in big-ticket categories, what specific strategies are you implementing to stimulate DIY sales and mitigate the impact on overall comparable sales?
Unfavorable weather has pressured traditional spring seasonal categories; how are you adjusting your inventory and merchandising strategies to better align with consumer demand and reduce the risk of excess inventory in these areas?
With major e-commerce players enhancing delivery times in rural markets, how do you plan to address potential competitive pressures from faster delivery options, especially in rural areas where you've been testing unique initiatives?
While you've delivered positive comps in Pro, the DIY segment appears to be underperforming; what measures are you taking to improve DIY performance and ensure you are not losing market share in this key segment?
Considering the current interest rate environment and its dampening effect on big-ticket discretionary projects, how are you planning to navigate these macroeconomic challenges, and what contingencies are in place if the anticipated recovery in DIY demand is delayed?

Program Details	Program 1
Approval Date	December 7, 2022
End Date/Duration	N/A
Total additional amount	$15.0 billion
Remaining authorization amount	$12.2 billion
Details	The program allows for share repurchases in the open market or through private transactions. Shares repurchased are retired and returned to authorized and unissued status. The timing and amount of repurchases depend on market conditions and other factors.

Competitors

Competitors mentioned in the company's latest 10K filing.

National and regional home improvement warehouse chains and lumber yards
Traditional hardware, plumbing, electrical, and home supply retailers
Paint stores, lumber yards, garden centers, and maintenance and repair organizations
General merchandise retailers, home goods specialty stores, warehouse clubs, online retailers, and other specialty retailers
Providers of equipment and tool rental, service providers that install home improvement products, and wholesalers that provide home-related products and services to homeowners, renters, businesses, and the government
Online and omnichannel retailers with similar product or service offerings

Auditor

Name	Start Date	End Date	Reason for Change
Deloitte & Touche LLP	1962	Present	Current auditor

Latest news

Recent developments and announcements about LOW.

Financial Reporting

Earnings Report

Nov 19, 2024, 8:10 PM

Lowe's Companies, Inc. Q3 2024 Earnings Results

Date of Release: November 19, 2024

Key Financial Metrics:

Net Earnings: $1.7 billion
Diluted EPS: $2.99
Adjusted Diluted EPS: $2.89
Total Sales: $20.2 billion
Comparable Sales: Decreased by 1.1%

Significant Trends and Insights:

The decrease in comparable sales was primarily due to continued softness in DIY bigger-ticket discretionary demand, although this was partly offset by storm-related sales and positive comparable sales in Pro and online sectors .
The company experienced high-single-digit positive comps in Pro sales and strong online sales, driven by improvements in traffic and conversion .
Lowe's updated its full-year 2024 outlook, expecting total sales between $83.0 to $83.5 billion and adjusted diluted EPS of approximately $11.80 to $11.90 .

Capital Allocation:

Lowe's repurchased approximately 2.9 million shares for $758 million and paid $654 million in dividends during the quarter .

CEO Statement: Marvin R. Ellison, Lowe's chairman, president, and CEO, noted that the results were modestly better than expected, driven by strong Pro and online sales, and expressed sympathy for those affected by Hurricanes Helene and Milton .

Outlook:

Lowe's anticipates modest storm-related demand in the fourth quarter and has adjusted its outlook for the full year 2024 accordingly .

For more detailed financial data and non-GAAP reconciliations, please refer to the full earnings release and accompanying documents .