About Company
Lowe’s Companies, Inc., frequently abbreviated to Lowe’s, is a US-based retail firm offering specialized home improvement services. With its central office in Mooresville, North Carolina, the firm runs a range of retail outlets in the US.
As of 28th October 2022, Lowe’s and its associated commercial enterprises ran 2,181 hardware and home improvement shops in North America.
Lowe’s occupies the 2nd rank among all the hardware chains in the country. It held the top rank in the United States earlier till The Home Depot bettered it in 1989. Currently, it is following The Home Depot, its competitor, and precedes Menards.
If considered globally, Lowe’s ran the 2nd-biggest hardware chain in the world, also after The Home Depot but preceding OBI, B&Q, and Leroy Merlin, all Europe-based retail merchants.
Earlier, the firm ran its business in Australia via the Masters Home Improvement enterprise till 2016, till 2019 in Mexico, and also in Canada till the time of vending its business. This year, the business will be merged under the Rona label with Sycamore Partners.
What Type of Company is Lowe’s Companies, Inc.?
Lowe’s Companies, Inc. is a publicly-traded company.
To Which Industry Does Lowe’s Companies, Inc. belong?
Lowe’s belongs to the retail industry.
What’s the Name of the Forerunner of the Company?
The forerunner of the company’s name was Mr. L.S. Lowe’s North Wilkesboro Hardware.
When Did the Company Commence its Operations?
The company started operating on 25th March 1921; 101 years back.
In Which Location Did the Company Set Up its Debut Store?
The company established its debut store in North Wilkesboro, North Carolina, US.
Who is the Originator of the Company?
The originator of the firm was Lucius Smith Lowe.
Where is the Main Office of Lowe’s Located?
The central office of the firm is based in Mooresville, North Carolina, US.
In How Many Locations is the Company Operating?
As of 2022 October, the company is operating through 2,181 locations with ancillary organizations.
Which Territory Does the Company Serve?
The company serves the entire US territory.
What are the Products Offered by Lowe’s?
The company offers the following:
- Household appliances
- Gear
- Hardware
- Constructor’s hardware
- Timber
- Construction materials
- Plumbing
- Paint
- Flooring
- Horticultural provisions
- Floras
- Housewares
How Many Employees Work for Lowe’s Companies, Inc.?
As of 2022, the company has 300,000 workers.
What are the Subsidiaries of the Company?
The subsidiaries of the home improvement retail firm are the following:
- Maintenance Supply Headquarters
- Central Wholesalers
Lowe’s Timeline
- 1921 – Launch of the First General Outlet – Lowe’s North Wilkesboro Hardware
- 1940 – Jim Lowe takes over the reins of the firm
- 1946 – The present-day Lowe’s comes into existence
- 1949 – Expansion takes place in North Carolina
- 1952 – Leadership of Carl Buchan and subsequent expansion
- 1958 – Attainment of 344 affiliates
- 1961 – The company turns public
- 1964 – For the first time, the company serves one million customers a year
- 1979 – The company gets listed on the NYSE
- 1981 – The company gets listed on the London Stock Exchange
- 1982 – The company achieves sales worth one billion dollars a year for the first time
- 1984 – Gets nominated as one of the best 100 companies to work for in the USA by Fortune Magazine
- 1995 – The company forayed into the digital era by launching Lowes.com
- 1999 – The Lowe’s Employee Relief Fund is set up for helping affiliates
- 2002 – The company joins the Fortune 100 list for the first time
- 2007 – The company puts its footprints beyond the United States for the first time
- 2015 – Extends its operations to Bengaluru, India
- 2016 – Expands to Canada
- 2018 – Robert Niblock quits and Marvin Ellison becomes the CEO and president
- 2021 – Lowe’s completes a century.
Lowe’s Financial Performance Over the Years
In 2020, for the annual quarter of May–July, the firm disclosed sales worth US $27.3 billion. Nonetheless, for the same term in 2019, the company posted sales worth US $21 billion.
Historical Information
For the 2019 fiscal, (1st February 2019 to 31st January 2020), the company posted earnings to the tune of US$ 4.281 billion. The yearly revenue stood at US$ 72.148 billion, which showed a hike of 1.17% above the earlier fiscal phase.
The shares of the firm were bought and sold at more than US $116 per share. The market cap stood at more than US$ 90.32 billion in 2020 January. The company enjoyed the 42nd rank on the Fortune 500 list published in 2019. At the close of 2018, Lowe’s declared a stock buyback worth US $10 billion to commence in 2019 while cutting down employment.
For 2018 fiscal, the company posted earnings worth US$ 2.314 billion, and the yearly revenue stood at US$ 71.309 billion. So, it was a hike of 3.92% above the earlier fiscal period.
Transaction of the shares of the company took place at more than US$ 96 per share. In 2018 October, the market cap was estimated at more than US$ 75.8 billion. In terms of gross revenue, the company achieved the 40th rank on the Fortune 500 list of the biggest US-based companies published in 2018.
Lowe’s Companies, Inc. Management
Marvin R. Ellison, President, Chairman, and Chief Executive Officer
Mr. Marvin Ellison serves as the president, chairman, and chief executive officer of the company. It is a FORTUNE® 50 listed home improvement firm with over 2,200 outlets and around 300,000 affiliates in Canada and the United States.
Ellison has experience in business operations and retail leadership spanning over 35 years. All his stints were with Fortune 500 organizations. Before working for Lowe’s, Ellison was the CEO and chairman of J.C. Penney Co. Marvin rendered positive sales increment, diminished financial obligations, and produced positive adjusted earnings per share.
Ellison has wide experience in the home improvement sector, having dedicated 12 years of his professional life to senior-rank operational positions for The Home Depot, Inc.
The most remarkable part of his professional career is that from 2008 to 2014, he worked as the executive VP of the US outlets. As a result of this stint, there was radical betterment in competence and customer service throughout the company. Ellison supervised United States business activities, sales, equipment leasing, setting up facilities, and pro-tactical schemes. Before Home Depot, Ellison had a 15-year stint with Target Corp. in a range of functional and leadership positions.
Ellison did his graduation from the University of Memphis in business administration. Presently, he is part of its board of trustees. Besides, he has a Master of Business Administration degree from Emory University. Marvin forms a part of the board of directors for the Retail Industry Leaders Association and FedEx Corporation.
Ellison’s public and pro leadership has helped him win loads of honors and laurels. The most remarkable among them are the following:
- Numerous appearances on the yearly list of the “Top CEOs” published by Barron’s
- Incorporation in “World’s Greatest Leaders” and “Most Motivational CEOs” lists released by Fortune
- Nominated by the National Father’s Day Council as “Father of the Year”
- Nominated as “Business Executive of the Year” by Black Enterprise
- Selected as one of the “Most Powerful Black Executives in Corporate America” By Savoy Magazine
Marvin Ellison holds the following positions and affiliations as well:
- Board Affiliate – Retail Industry Leaders Association
- Board Affiliate – FedEx Corporation
- The Business Council
- Board of Trustees – The University of Memphis
Ellison and Sharyn, his wife, are dedicated to personifying service inside their religion and society, mainly with the assistance of associations that endorse didactics, self-reliance, and brilliance for the minority young generation.
William P. (Bill) Boltz, Executive VP, Merchandising
Bill Boltz serves as the executive VP of marketing. He has the responsibility for marketing, promotions, store label merchandise growth, valuation, article arrangement, worldwide sourcing, and stock scheduling and refilling. In 2018, Boltz became a part of Lowe’s.
Boltz has experience spanning over thirty years in marketing, promotions, and retail business activities. Before getting associated with Lowe’s, Boltz worked as the CEO and president of Chervon North America. There he supervised the promotion, sales, manufacturing, and progress of goods under the labels such as Skilsaw, SKIL, and EGO. Earlier, Holtz occupied various leadership positions in marketing for The Home Depot, Inc., such as senior VP of Hardlines. Before that stint, William was associated with Sears Holdings Corp. spanning over two decades.
William attained a bachelor’s degree from Montana State University, Billings in communications. He is a Master of Business Administration from the Kellogg School of Management at Northwestern University. He won the City of Hope’s 2021 Spirit of Life prize. It is an esteemed humanitarian award given to a business stalwart who has shown stupendous industrial and selfless accomplishment.
Lowe’s Companies, Inc. Stock Performance
The common stocks of Lowe’s are traded on the New York Stock Exchange (NYSE) with the ticker symbol LOW. Furthermore, the stock is a constituent of the indices listed below:
- S&P 500 index
- S&P 100 index
On March 3, 2023, Lowe’s Companies, Inc. (LOW) ended trading at $199.73 with the information provided below at 4:04 pm EST (Eastern Standard Time).
Stock Chart
Lowe’s Companies, Inc. Financial Performance
Given below is the Consolidated Statement of Present Earnings and Retained Earnings /(Cumulated Deficit) (Unaudited), in Millions, barring Percentage and Per Share Data:
Fiscal Year Ended
What’s So Special about Lowe’s?
Starting as one countryside hardware shop in North Carolina, Lowe’s expanded to one of the top home improvement retail merchants in the world. Since the time of its incorporation, the company is dedicated to assisting tenants, householders, and professionals to enhance their residences and enterprises.
