lowe's cos inc (LOW) Key Developments
Lowe's Companies Inc. Announces Executive Promotions
Nov 23 15
Lowe's Companies Inc. announced that Marci P. Grebstein has been promoted to chief marketing officer (CMO), effective immediately. Grebstein most recently served as vice president of advertising, leading the U.S. advertising strategy and marketing operations to build loyalty for the brand. She will report to Michael A. Jones, chief customer officer and succeeds Thomas J. (Tom) Lamb who has left the company. Grebstein joined Lowe's earlier this year and has more than 20 years of experience leading brand, marketing, advertising and e-commerce strategies for large retail companies, including Food Lion and Staples. She will be responsible for managing the Lowe's brand by overseeing the integrated marketing and communications strategy to consumers, including digital marketing, content strategy and development, consumer relationship management, advertising and media for the U.S. home improvement business.
Lowe's Companies Inc. Reports Unaudited Consolidated Financial Results for the Third Quarter and Nine Months Ended October 30, 2015; Provides Earnings Guidance for Fiscal 2015; Expects to Add 15 to 20 Home Improvement and Hardware Stores
Nov 18 15
Lowe's Companies Inc. reported unaudited consolidated financial results for the third quarter and nine months ended October 30, 2015. The company reported net earnings of $736 million for the quarter ended October 30, 2015, a 25.8% increase over the same period a year ago. Diluted earnings per share increased 35.6% to $0.80 from $0.59 in the third quarter of 2014. Sales for the third quarter increased 5.0% to $14.4 billion from $13.7 billion in the third quarter of 2014, and comparable sales increased 4.6%. Pre-tax earnings were $1,187,000 against $954,000 for the same period of last year.
For the nine months ended October 30, 2015, net earnings increased 12.8% from the same period a year ago to $2.5 billion, and diluted earnings per share increased 20.5% to $2.70. For the nine month period, sales were $45.8 billion, a 4.9% increase over $43.7 million for the same period a year ago, and comparable sales increased 4.6%. Comparable sales for the U.S. home improvement business increased 5.0% for the third quarter and 4.9% for the nine month period. Pre-tax earnings were $4,124,000 against $3,589,000 for the same period of last year. Net cash provided by operating activities was $4,546,000 against $4,684,000 for the same period of last year. Capital expenditures were $844,000 against $587,000 for the same period of last year.
For fiscal 2015, the company expects total sales to increase 4.5 to 5%; and comparable sales increase 4 to 4.5%. Earnings before interest and taxes as a percentage of sales (operating margin) are expected to increase 80 to 100 basis points. The effective income tax rate is expected to be approximately 38.1%. Diluted earnings per share of approximately $3.29 are expected for the fiscal year ending January 29, 2016.
The company expects to add 15 to 20 home improvement and hardware stores in 2015.
Lowe's Companies, Inc. Declares Quarterly Cash Dividend, Payable on February 3, 2016
Nov 13 15
The board of directors for Lowe's Companies Inc. has declared a quarterly cash dividend of 28 cents ($0.28) per share, payable on February 3, 2016, to shareholders of record as of January 20, 2016.
Lowe's Companies, Inc. Names Bertram L. Scott to Board of Directors
Nov 13 15
At its meeting on November 13, 2015, the board of directors of Lowe's Companies Inc. appointed Bertram L. Scott, 65, to the board, effective immediately. This brings Lowe's board of directors to 12 members, 11 of whom are independent. Scott brings to the board a wealth of senior leadership experience, having served as senior vice president of Population Health and Value Based Care at Novant Health since 2015 and as president, CEO and director of the Affinity Health Plan from 2012 to 2014. Scott was president, U.S. Commercial of CIGNA Corporation and served as executive vice president of TIAA-CREF for ten years and as president and CEO of TIAA-CREF Life Insurance Company from 2000 to 2007. He presently serves on the boards of Becton, Dickinson and Company and AXA Financial Inc. Scott will serve on the Audit and Governance committees. He will stand for election at Lowe's 2016 annual meeting of shareholders.
Lowe's Cos. Inc Decides to Open Two Small Stores in Manhattan
Sep 14 15
Lowe's Cos. Inc. announced that it has decided to open two smaller home improvement stores in Manhattan. Both stores - one in the Lincoln Square area on Upper West Side at 2008 Broadway at West 68th Street and a second in Chelsea at 635 Sixth Ave. at West 19th Street - are now open. The two Manhattan stores are about 30,000 square feet each, about one-quarter the size of a typical Lowe's suburban big-box location.