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In an effort to improve digital experience for home improvement customers, $LOW has named Vikram Singh as SVP, Chief Digital Officer, effective Jan. 4, 2018. Singh joins Lowe's most recently from $AMZN and brings extensive experience across product strategy, engineering, marketing, business development, operations and user experience design.
$LOW has appointed Sylvain Prud'homme as President, International, effective Dec. 15. Prud'homme will also continue to serve as President and CEO of Lowe's Canada. This appointment follows the announcement that Richard D. Maltsbarger will be transitioning to COO of the U.S. business in February.
During the Thanksgiving weekend, a large number of consumers turned to their smartphones and computer screens for their shopping needs. Amazon, as expected, gobbled up a lion's share of the online transactions. Lets take a look at the other retailers that made a killing last weekend. $TGT $WMT $AMZN $KSS $M $COST $BBY $GME $HD $LOW
$LOW expects some benefit from the disaster-related sales as it moves into Q4 and into 2018. Even with those benefits, the company chose to maintain its FY17 guidance of 5% sales growth and 3.5% same-store sales growth. The company said that the guidance is appropriate and balanced as it looks to invest in running the business.
$LOW's sales and profit rose in 3Q17 as the home improvement retailer got a boost from disaster-related sales due to hurricanes and wildfires. The disasters contributed roughly $200MM to the sales. Though it was a good quarter for Lowe's, it's not as good as $HD, which posted same-store sales growth of 7.9% whereas Lowe's reported only 5.7%.
$LOW continues to make progress with its RONA integration, including the conversion of first RONA big box store to a Lowe’s branded store. The company said it continues to unlock the full value of the acquisition, which will culminate in over $1Bil of realized revenue and cost opportunities.
$LOW forecasts FY17 sales growth of approx. 5% with an addition of 25 home improvement and hardware stores. Currently, the company operates 2,141 home improvement and hardware stores in the US, Canada and Mexico. Additionally, the company returned $1.55Bil of cash back to investors through $1.25Bil of stock buybacks and $299MM of dividend payments.
$LOW's comparable-store sales improved 4.5% for 2Q17, a solid acceleration over the prior quarter's 2%. However, this growth only implies that $LOW lost more market share to its rival $HD, which grew comps by over 6% in its recent quarter. $LOW now sees its full-year comps to grow 3.5%, whereas $HD sees a 5.5% growth.
$LOW posted a 21.6% YoY growth in earnings to $1.4Bil, or $1.68 per share, for 2Q17, as the company saw a one-time gain from its interest in the Australian JV. Excluding that factor, the company's earnings rose 15%. Revenue for the home improvement retailer stood at $19.5Bil, an increase of 7% YoY
$LOW completed the $512MM acquisition of Maintenance Supply Headquarters, a distributor of maintenance, repair and operations (MRO) products serving the multifamily housing industry. With this acquisition, $LOW multifamily MRO business now includes 16 distribution centers across the nation generating more than $400MM in incremental annual sales.
$LOW's BoD declared a 17% increase in its quarterly cash dividend to 41 cents per share, payable on Aug. 9, 2017 to shareholders of record as of July 26, 2017. In addition, $LOW's shareholders re-elected director nominees to serve until the 2018 Annual Meeting, and ratified Deloitte & Touche LLP as its independent public accountant for FY17.