Lowe’s, a publicly traded American company headquartered in Mooresville, North Carolina, USA, is a home improvement retail chain (along with appliance stores) which was founded in 1946.
It has approximately 265000 employees and around 1857 stores and operates in USA, Canada and Mexico. Ranked 50 in Fortune 500 companies (2014), it is USA’s 2nd largest hardware chain behind The Home Depot.
It has traded in NYSE since 1961. Its retail customers are comprised of individual homeowners and renters who indulge in Do-it-Yourself projects, supported by Lowe’s. Its professional customers, which account for approximately 30% of total sales are comprised of Construction and Trade customers and Repair, Maintenance and Operations customers.
It also provides interior and exterior installation services viz. appliances, flooring etc. besides customer aiding repair services and credit financing. Lowe’s also boasts of an extensive supply chain network transporting more than 3/4ths of stock merchandise with the help of over 30 strategically placed distribution centers.
Lowe’s believes in providing home improvement solutions where its customers can ‘Love Where They Live’. It serves close to 16 million retail and professional customers each week. Lowe’s has benefited from rising economic conditions (booming real estate sector and falling oil prices). This has found its way into the financials of Lowe’s with its revenue as of Jan 29 2016 being $ 59.07 bn (increase of 4.31%) and net income being $ 25.46 bn. Recently, it increased its online sales by 23.5% in the first quarter.
Lowe’s has been instrumental in educating its consumers about energy efficiency for which it has been accorded the Energy Star Award consecutively for eight times, from 2003 to 2010. It also developed housing solutions for hurricane affected regions in 2006