Today's Home Improvement Industry News from thehardfax.com and ahma.org

Lowe’s Earnings -8% in Q2
8.18.08        Lowe's Companies, Inc. today reported net earnings of $938 million for the quarter ended August 1, 2008, a 7.9 percent decline from the same period a year ago.  Diluted earnings per share declined 4.5 percent to $0.64 from $0.67 in the second quarter of 2007.  For the six months ended August 1, 2008, net earnings declined 12.1 percent to $1.54 billion while diluted earnings per share declined 8.7 percent to $1.05.
Sales for the quarter increased 2.4 percent to $14.5 billion, up from $14.2 billion in the second quarter of 2007.  For the six months ended August 1, 2008, sales increased 0.7 percent to $26.5 billion.  Comparable store sales for the second quarter declined 5.3 percent and declined 6.7 percent in the first half of 2008.
"Our sales results for the quarter, while better than our forecast, reflect the realities of the continuing macro economic pressures on our industry," commented Robert A. Niblock, Lowe's chairman and CEO.
During the quarter, Lowe's opened 23 new stores.  As of August 1, 2008, Lowe's operated 1,577 stores in the United States and Canada representing 178.6 million square feet of retail selling space, a 10.5 percent increase over last year.
    Lowe’s financial press releases are here.

Lowe’s to Present Update
6.17.08        Lowe’s this morning announced that Bob Hull, EVP and CFO, will present at the Wachovia 18th Annual Nantucket Equity Conference at 9:00 a.m. EDT on Tuesday, June 24, 2008.
    The presentation will be available live at http://www.lowes.com/investor and will be archived there until July 11, 2008.

Lowe’s Chairman Upbeat at Annual Meeting
5.30.08        Today at its annual meeting, Lowe's Companies, Inc. Chairman and CEO Robert A. Niblock told shareholders that in a challenging economic environment, Lowe's is “maintaining its high standards for stores, diligently managing expenses and continuing its keen focus on customer service.”
"In a tough environment, great companies look for opportunities to strengthen their business, and that is exactly what Lowe's is doing," explained Niblock. "We're committed to taking care of our customers and pursuing profitable, long-term market share gains while prudently managing the business to provide the best long-term return for shareholders.
"As a result of these efforts, in 2007 Lowe's continued to gain market share, increased our total sales and achieved our expansion plan by opening 153 new stores, including our first stores in Canada," added Niblock. "Further illustrating our unwavering focus on customers, we continued to gain market share through the first quarter of 2008."
Niblock said the long-term demographic trends for the home improvement industry remain favorable due to population growth and the aging of more than 130 million existing homes in the U.S.
Lowe’s press releases are here.

Lowe's to Webcast Annual Meeting of Shareholders
5.27.08        Lowe's Companies, Inc. has arranged for interested persons to listen as its 2008 Annual Meeting of Shareholders is broadcast live over the Internet at 10:00 a.m. Eastern Daylight Time on Friday, May 30, 2008.
Visit Lowe's Investor Relations website at http://www.Lowes.com/investor and click on Lowe's 2008 Annual Meeting of Shareholders Webcast.

Lowe’s Q1 Income Drops 18%
5.19.08        Lowe’s this morning reported an 18 percent drop in first fiscal quarter net income to $607 million for the period ending May 2, 2008 from $739 million in the year-ago first quarter.
    Net sales for the quarter fell 1.3 percent to $12 billion.  Same-store sales declined 8.4 percent.
    The retailer also lowered its guidance for full fiscal year earnings to a range of $1.45 to $1.55 per share on revenue growth of 1 percent.  Previously, expected earnings were from $1.50 to $1.58 per share with revenue growth of 3 percent.  Same-store sales for the year are now expected to fall from 6 percent to 7 percent.
    Chairman and CEO Robert A. Niblock said, “The challenging sales environment we have been experiencing for the past six quarters continued into the first quarter of 2008, and increasing financial pressures on consumers resulted in top-line sales that fell below our plan.”


Lowe’s Signs Agreement for Two Ontario, Canada Stores
4.4.08        RioCan Real Estate Investment Trust (RioCan) today announced that it has entered into two agreements to lease with Lowe’s Companies Canada, to open two new home improvement stores in Ontario, these being the first transactions between RioCan and Lowe’s.
Both sites are located in the Greater Toronto Area.  The first store will be located at Taunton Road and Garrard Road in Whitby, and the second store will be located at RioCan Warden Centre in Toronto.
    Both stores have scheduled openings for 2009.
    The full press release from RioCan is here.

Lowe’s CEO Paid $6.1M in 2007
3.26.08        Lowe's Cos. Chairman and Chief Executive Robert A. Niblock received compensation of about $6.1 million in 2007, according to a regulatory filing Tuesday.  His base salary was $1,050,000 and he received $2,965,305 in stock awards plus $2,027,320 in stock option awards.
    According to the same compensation disclosure filed with the SEC, Larry Stone, president and COO, was paid $3,781,256 in total compensation for 2007.
    Lowe’s SEC documents are accessible here.

Lowe’s to Delay Store Openings
3.11.08        Lowe's President Larry Stone told analysts Tuesday at the Bank of America 2008 Consumer Conference that the retailer plans to delay the opening of about 20 new stores this year.  Still, he said he remains optimistic that the current economic conditions affecting the housing market and related fields will improve.
    Stone’s remarks at the Conference can be heard on the company’s website within the investor relations section here.

Lowe’s 2007 Sales +3%, Earnings Down 33% in 4Q
2.25.08        Lowe's today reported net earnings of $408 million for the fourth fiscal quarter ended February 1, 2008, a 33.4 percent decline over the same period a year ago.  For the fiscal year, net earnings declined 9.5 percent to $2.81 billion.
Sales for the quarter declined 0.3 percent to just under $10.4 billion.  For the fiscal year ended February 1, 2008, sales increased 2.9 percent to $48.3 billion.  Same-store sales declined 7.6 percent for the fourth quarter and 5.1 percent for fiscal 2007.
"Fourth quarter and fiscal year 2007 sales fell short of our plan as we faced an unprecedented decline in housing turnover, falling home prices in many areas and turbulent mortgage markets that impacted both sentiment related to home improvement purchases as well as consumers' access to capital," explained Robert A. Niblock, Lowe's chairman and CEO.  "As we look to fiscal 2008, we know the next several quarters will be challenging on many fronts as industry sales are likely to remain soft," Niblock continued.
During the quarter, Lowe's opened 72 new stores including two relocations.  As of February 1, 2008, Lowe's operated 1,534 stores in the United States and Canada representing 174.1 million square feet of retail selling space, a 10.9 percent increase over last year.


Lowe’s SWOT Market Research Report Available
2.20.08        Research and Markets has announced the addition of Lowe's Companies Inc - SWOT Framework Analysis to their offering.
SWOT Analysis, is a strategic planning tool used to evaluate the Strengths, Weaknesses, Opportunities, and Threats involved in a project or in a business venture. It involves specifying the objective of the business venture or project and identifying the internal and external factors that are favourable and unfavourable to achieving that objective.
    More information on the report is here.

Lowe’s to Report 2/25/08
2.18.08        Lowe's fourth quarter and fiscal year 2007 earnings report will be broadcast live over the internet on Monday, February 25, 2008 at 9:00 a.m. Eastern Standard Time with: Robert A. Niblock, chairman and chief executive officer; Larry D. Stone, president and chief operating officer; and Robert F. Hull, Jr., executive vice president and chief financial officer of Lowe's Companies, Inc.
    You can access the event here:
http://www.shareholder.com/lowes/index2.cfm

Lowe’s Opening Maple, Ontario Store on Friday
2.4.08        Lowe’s has announced it will open its seventh Canadian store this Friday, February 8, 2008.  The store is located at 200 McNaughton Road, Maple Ontario.
    The store has 117,000 square feet of retail sales space with an adjacent garden center.

Lowe’s Set to Open Second Set of Canadian Stores
1/23/08        Lowe’s announced this morning that it will hold grand openings for three new stores in Canada on February 1, 2008.
    The stores are in Toronto, East Gwillimbury and North Brampton, Ontario.
    The retailer opened its first three stores in Canada in late 2007.

Lowe’s Names New VP
1.23.08        Lowe’s yesterday announced the appointment of Cedric T. Coco to the position of Vice President, Learning and Organizational Effectiveness.
    He comes to Lowe’s after holding similar positions at Microsoft and GE.

Lowe’s CEO Elected Chairman of Retail Association
1.22.08        The Retail Industry Leaders Association (RILA) announced today the election of Robert A. Niblock, Chairman and Chief Executive Officer of Lowe’s Companies, Inc., as Chairman of the RILA Board of Directors.
“A strong retail industry is vital to the strength of the American economy, said Niblock.  “I am honored to have been selected as Chairman and look forward to working with my colleagues to continue to strengthen our industry, support economic growth, and best serve our customers.”
Niblock, who previously served as the Board’s Vice Chairman, takes over for Brad Anderson, CEO of Best Buy, Inc., who had served as Chairman since 2005.  Anderson will remain a member of the Board of Directors.
The full press release is here.

Lowe’s Opening First Canadian Stores This Week
12.10.07        Lowe’s is opening its first three stores in Canada this week, with soft openings scheduled for Monday and official grand openings for the public on Friday, Saturday and Sunday.  The stores are located in Brantford, Hamilton and Brampton, Ontario.
    Current plans call for seven additional openings before the end of February, with the long-term goal of approximately 100 stores in Canada.
    The openings mark the retailer’s first foray into the international marketplace.
    The full press release is here.

Lowe’s CFO Sells Options
12.6.07        Robert F Hull Jr., chief financial officer of Lowe’s, has exercised options for 8,588 shares of the company’s common stock.
    According to a Form 4 filed with the SEC on December 4, Hull exercised options for the shares at $13.75 each and sold 7,696 of them the same day for between $24.31 and $24.33 each.  He also surrendered 502 shares back to the company for $24.41 each.
    Lowe’s SEC documents are here.

Lowe’s Earnings Fall 10% in Third Quarter, as Sales Rise 3%
11.19.07        Lowe’s this morning reported net earnings of $643 million for the third quarter ended November 2, 2007, a 10.2 percent decline from the year-ago third quarter.  For the first nine months of the fiscal year, earnings are down 3.7 percent to $2.40 billion.
    Sales for the quarter increased 3.2 percent to $11.6 billion, up from $11.2 billion last year.  For the first nine months, sales are up 3.8 percent to $37.9 billion.
    Same-store sales declined 4.3 percent for both the third quarter and first nine months of the year.
    “Many external factors contributed to the weak sales environment, including a continuing housing correction, drought conditions in several U.S. markets, and slower than expected sales in Gulf Coast markets,” said Robert A. Niblock, chairman and CEO.  “Pressures on our industry are likely to continue well into 2008,” according to Niblock.
    During the quarter, Lowe’s opened 40 new stores and now operates a total of 1,464 stores in 49 states.
    The full financial report is here:

Lowe’s Building Flatbed Distribution Center in Miss.
11.12.07 Lowe's today announced plans for a new flatbed distribution center in Purvis, Miss.
The flatbed center will supply products to more than 60 Lowe's retail stores in Mississippi, Louisiana, Alabama and Florida.
Construction has begun and the facility is expected to begin shipping operations in mid-2008.
The full press release is here.

Lowe's Earns SmartWay Environmental Award
11/6/07 Lowe's this morning announced it has earned its first Environmental Excellence Award from the U.S. Environmental Protection Agency SmartWay (SM) Transport Partnership. The company was recognized for its leadership in conserving energy and lowering greenhouse gas emissions from its transportation and freight delivery system.
To earn the award, Lowe's “implemented initiatives that resulted in reduced carbon dioxide emissions and less overall highway congestion. These included increasing shipping by rail; instituting a more efficient process for inbound and outbound freight deliveries; increasing efficiency of truckload shipments allowing more products to be shipped on a fewer trailers, and continuing to use a higher percentage of SmartWay carriers.”
"By 2010, we plan to transport 90 percent of our shipments by SmartWay Transport Partners," said Steve Palmer, Lowe's vice president of transportation.
The full press release is here.

Lowe’s Lowers Outlook
9.25.07 In a press update prior to today’s annual business outlook presentation, Lowe's wrote that: “current sales are trending below its prior expectations as drought conditions in the mid-Atlantic, Southeastern and Western regions of the country have impacted the performance of outdoor categories. The extent to which this will impact performance over the balance of fiscal 2007 is difficult to predict. As a result, the company now expects to deliver earnings for the fiscal year at the low end or slightly below its prior guidance of $1.97 to 2.01.”
"Even as we face easier prior year sales comparisons as we progress through the year, many uncertainties remain, and it seems prudent to further temper our sales and earnings outlook," commented Robert A. Niblock, Lowe's chairman and CEO.
Robert F. Hull, Jr., executive vice president and CFO, will provide an outlook for fiscal years 2008 through 2010 and share Lowe's future store growth plans.
"External pressures weigh on our near-term performance, but looking past the current cycle, we see many opportunities for continued sales and earnings growth and increasing cash flow from operations," said Hull. "For the three year period, total sales are expected to increase between 8 and 11 percent per year, while earnings per share are expected to average 12 to 15 percent growth per year across the three years. Improving earnings and solid working capital management will drive compound annual growth in cash flow from operations of approximately 15 percent. The current pressures will likely continue into 2008, so we expect our earnings performance to improve from mid-single digit growth in 2008 to high-teens in 2010," Hull concluded.
The full press release is here.

Lowe’s Announces Opening for First 3 Canadian Stores
9.19.07 Lowe's announced today that its subsidiary, Lowe's Companies Canada, ULC (Lowe's), plans to open its first three stores in Canada the week of Dec. 10, 2007.
The first three of six stores expected to open during fiscal 2007 will be in Brantford, Hamilton and Brampton. A Toronto store is slated to open in late January. Lowe's has 18 additional sites in the pipeline.
The full press release from Lowe’s is here.

Lowe’s to Present Forecast
9.18.07 The senior management of Lowe's will address current and future growth initiatives and opportunities that exist for Lowe's during the 2007 Analyst & Investor Conference Webcast on Tuesday, September 25th beginning at 8:15 a.m. Eastern Time.
Visit Lowe's Investor Relations website at Lowes.com/investor. Click on Lowe's 2007 Analyst & Investor Conference A replay will also be available online approximately two hours after the event.

Lowe's Prices $1.3B Offering
9.7.07 Lowe's announced yesterday that it has agreed to sell $550 million of 5.60% Notes due 2012, $250 million of 6.10% Notes due 2017 and $500 million of 6.65% Notes due 2037. The net proceeds of the notes offering will be used for general corporate purposes, including capital expenditures and working capital needs, and to finance repurchases of Lowe's common stock. Closing is expected to occur on September 11, 2007.
The financial release from Lowe’s is here.

Lowe’s CEO Exercises Options
8.28.07 Robert A. Niblock, CEO of Lowe’s, last week exercised options for 114,720 shares of common stock for $13.75 each, according to a Securities and Exchange Commission filing. He sold 107,452 of the shares for $29.25 to $29.43 each, making a profit of at least $1.56 million.
Gregory Bridgeford, EVP of business development, on the same day exercised 91,800 options, making a profit of at least $1.2 million.
The SEC documents are here.

Lowe’s 2Q Earnings Up 9%
8.20.07 Lowe’s this morning reported net earnings of $1.02 billion for the second quarter ended August 3, 2007, an increase of 9.0 percent over the year-ago period. For the first half, the retailer reported net earnings down 1.0 percent to $1.76 billion, with diluted earnings per share up 1.8 percent to $1.15.
Sales for the second quarter increased 5.8 percent to $14.2 billion, up from $13.4 billion in the year-ago quarter. For the first six months of the fiscal year, sales are up 4.1 percent to $26.3 billion.
Same-store sales declined 2.6 percent in the second quarter and are down 4.4 percent for the first half of 2007.
During the quarter, the company opened 26 new stores and currently operates 1,424 stores in 49 states. Plans call for 40 more stores to be opened during the third quarter.
The full financial release is here.

Lowe’s Canada Names Stallings President
8.10.07 Lowe’s announced yesterday that Don T. Stallings has been appointed President of Lowe’s-Canada. He replaces Doug Robinson who has resigned for personal reasons.

Lowe’s Increases Credit Limit
6.22.07 Lowe’s, according to a filing yesterday with the SEC, has amended its credit agreement to increase its borrowing limit to $1.75 billion from $1 billion. Under specified conditions, the limit could be increased to as much as $2.25 billion.
The SEC document is available for viewing here.

Lowe’s Confident of Future
5.29.07 At its annual meeting held Friday, May 25, 2007, Lowe’s Chairman and CEO Robert Niblock told shareholders the company remains confident about the future in spite of challenges impacting the home improvement industry.
“Long-term demographic trends are favorable,” Niblock said. “Plus, increasing real disposable income and a solid employment market provide near-term support. These are favorable signs that consumers can and will continue to spend on needed repairs and maintenance of their homes.”
The full Lowe’s press release on the annual meeting is here.

Lowe’s 1Q Profit Falls 12%
5.21.07 Lowe’s this morning reported net earnings of $739 million for the first fiscal quarter ended May 4, 2007, a 12.1 percent decline from profits of $841 million in the year-ago period.
Sales for the quarter increased 2.1 percent to $12.2 billion from last year’s $11.9 billion. Same-store sales for the period fell 6.3 percent.
“A difficult housing market in many areas, tough comparisons to hurricane rebuilding efforts, and significant lumber and plywood price deflation continued to create a challenging sales environment in the first quarter,” said Robert A. Niblock, chairman and CEO.
A conference call to discuss the first quarter operating results is scheduled for today (Monday, May 21) at 9. a.m. EDT. A webcast of the call will be available live and archived until August 19, 2007 at http://www.lowes.com/investor.

Lowe’s CEO Paid $8.5 Million
4.13.07 Lowe’s Chairman and CEO Robert Niblock received total compensation of $8.5 million in 2006, according to filings with the Securities and Exchange Commission.
Niblock was paid a base salary of $950,000, $6.4 million in stock and option awards, $1 million in non-equity incentive awards and $97,485 in other compensation.

Lowe’s Opening Second Chicago Store
3.27.07 Lowe’s will open its second store in the city of Chicago within a new development on the South Side at 83rd Street just off the Dan Ryan Expressway, according to a report yesterday in Commercial Property News.
The 117,000-square-foot store is scheduled to open in the fourth quarter of this year. It will be the 21st Lowe’s in the Chicago metro area, but only the second within the city limits.

CEOs of Home Depot and Lowe’s to Present Next Week
3.16.07 Frank Blake, chairman and CEO of Home Depot, and Larry Stone, president and COO of Lowe’s, are both scheduled to give presentations at the Merrill Lynch Retailing Leaders Conference in New York next week. Stone’s presentation is scheduled for 8:00 a.m. Wednesday, March 21, and Blake is scheduled for 12:45 p.m. Thursday, March 22.
Both presentations will be webcast live on the retailers’ respective websites and will be archived there for future viewing (click on “investor relations”).

Lowe’s Awarded Energy Star
3.12.07 Lowe’s last week was awarded and EPA “Energy Star” award for the fifth consecutive year. The award is presented by the government agency to companies who excel in marketing and promoting energy-efficient products and solutions.

Lowe’s 4Q Profits Fall 12%
2.23.07 Lowe’s this morning reported fourth quarter net earnings of $613 million for the period ended February 2, 2007, an 11.5 percent drop from $693 million in the year-ago period. This year’s fourth quarter was a 13-week period versus the prior year’s 14-week period. For fiscal 2006, a 52-week period, net earnings grew 12.3 percent to $3.1 billion versus fiscal 2005’s 53-week period.
Fourth quarter sales fell 3.7 percent to $10.4 billion. Total fiscal 2006 sales increased 8.5 percent to $46.9 billion.
Same-store sales declined 5.3 percent for the fourth quarter and were flat for the year.
“Sales continued to be pressured by a slowing housing market, tough comparisons to last year’s hurricane recovery and rebuilding efforts and significant deflation in lumber and plywood prices,” said Robert A. Niblock, chairman and CEO.
During the quarter, the company opened 58 new stores, ending the year with 1,385 stores in 49 states representing a 12.1 percent increase in retail selling space over the prior year.
Looking forward to 2007, the company said it expects to open 150 to 160 new stores and increase sales by approximately 10 percent with a same-store sales increase from flat to plus 2 percent.
You can see the full financial report from the company here.

Lowe’s Expanding Into Mexico
1.24.07 Lowe’s announced last night it plans to expand into Mexico with three to five stores in the Monterrey market in 2009.
The company has established and office in Monterrey headed by Francisco Fernandez, vice president Lowe’s-Mexico. Fernandez joined Lowe’s in 2002 and has 16 years of experience in the home improvement industry, including seven years with Total Home in Monterrey.
As previously reported, Lowe’s also has plans to open six to ten stores in Toronto beginning in the fall of this year.

Lowe’s Building Flatbed Center in Port of Stockton, California
1.10.07 Lowe’s this morning announced plans to retrofit two existing 120,000 square foot buildings in Port of Stockton, California into a new flatbed truck distribution center. The center will serve over 40 stores in northern California, Nevada and Oregon.
The center will receive large building materials from suppliers and reload the product on the flatbeds for customized shipping to the stores.
Construction has already begun and shiping operations are expected to be operational in the first half of the year.


Lowe’s Names Knowles Senior VP Stores, South Central
1.4.07  Lowe’s this morning announced the promotion of Dennis R. Knowles to senior vice president of store operations for the company’s South Central Division. He replaces Michael Brown, who was recently promoted to EVP of Store Operations.
Knowles will now be responsible for over 280 stores in eight south central states. Most recently, he was a regional VP in the company’s West Division.


Lowe's Names Larry Stone COO, Shuffles Many Execs
12.18.02 Lowe's has announced the promotion of Larry D. Stone to president and chief operating officer, effective immediately. Stone will continue to report to Chairman and CEO Robert A. Niblock.
Stone, a 37-year Lowe's veteran, previously served as senior executive vice president of merchandising/marketing. In his new role, Stone will have responsibility for store operations; merchandising; marketing; logistics and distribution; merchandising and store support; and Lowe's Canadian operations.
Nick Canter has been appointed executive vice president, merchandising, reporting to Stone. He will also have responsibility for global sourcing and store environment. Canter served most recently as executive vice president of store operations.
Michael K. Brown, a 23-year Lowe's veteran, has been promoted to executive vice president of store operations, with responsibility for all Lowe's stores nationwide and the company's specialty sales initiatives. He served most recently as SVP of store operations for Lowe's South Central Division.
The company also announced the following promotions and changes within its merchandising organization:
Michael K. Menser, who previously served as SVP and GMM - home decor, has been appointed SVP - product development and global sourcing. He will also serve as president of Lowe's global sourcing subsidiary, LG Sourcing, Inc. Patricia M. (Patti) Price has been promoted to SVP and GMM - Outdoor Living. Clinton T. (Clint) Davis has been promoted to SVP and GMM – Hardlines. Theresa A. Anderson will assume responsibility for Home Decor. John L. Kasberger takes over responsibility for Kitchen and Bath. J. David Steed, SVP and GMM - Building Products, will remain in his current position.

Posted 11/20/06:
Lowe’s 3Q Profits Up 11%, Same-Store Sales Down 4%
Lowe’s on Monday morning reported third quarter net income increased 11 percent from a year ago to $716 million from $646 million.
Total revenue in the quarter ended November 3 grew 6 percent to $11.21 billion from $10.59 billion in the year-ago period.
Same-store sales in the quarter fell 4 percent.
For the first nine months of the year, earnings grew 20 percent to $2.49 billion while sales increased 13 percent to $36.5 billion.
Year-to-date same-store sales are up 1.7 percent.
“The combined effect of a slowing housing market in parts of the U.S., significant deflation in certain commodity categories, and a difficult comparison to last year’s hurricane recovery and rebuilding efforts have created a challenging sales environment for home improvement,” Said Robert Niblock, chairman, president and CEO.
During the third quarter, Lowe’s opened 49 stores, bringing its total to 1,330, a 13 percent increase over the prior year.
Looking forward, the company predicts fourth quarter revenue to fall 4 percent from last year’s $10.8 billion to $10.37 billion with a same-store decline of from 4 percent to 6 percent.
“We believe many external headwinds will exist through the balance of the year and the first half of fiscal 2007, but … are confident that solid longer-term drivers of our industry remain,” Niblock said.

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