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BUSINESS
February 21, 2009 | Times Wire Reports
The dismal housing market dragged down fiscal fourth-quarter profit at Lowe's Cos. by 60%, and executives at the home-improvement chain said Friday that they saw little hope of a substantive fix from a federal effort aimed at helping struggling homeowners. To cope in the worsening recession, Lowe's said it was further cutting back the number of stores it planned to open in 2009 and offered a profit forecast for the year that was short of Wall Street's expectations. The news sent the company's shares down nearly 7%. Lowe's earned $162 million, or 11 cents a share, in the three months ended Jan. 30. That's down from $408 million, or 28 cents, during the same period last year.
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BUSINESS
August 21, 2012 | By Shan Li, Los Angeles Times
Home improvement chain Lowe's Cos. reported that profit dropped 10% in its fiscal second quarter because of competition and weak sales. For the three months ended Aug. 3, the retailer reported net income of $747 million, or 64 cents a share, compared with $830 million, or 65 cents, a year earlier. Sales sank 2%, to $14.2 billion from $14.5 billion. "Our results fell short of our overall expectations," said Lowe's Chief Executive Robert A. Niblock in a Monday statement. "We fully understand that we must improve our level of execution.
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BUSINESS
December 13, 2011 | By Shan Li, Los Angeles Times
Home improvement giant Lowe's Cos. continues to come under heavy criticism from activists, some politicians and customers after pulling its ads from a reality TV show featuring Muslim Americans. The North Carolina company decided to stop advertising on the show "All-American Muslim," on Discovery Communications Inc.'s TLC channel, after complaints by the Florida Family Assn., a conservative Christian group that lobbies companies to promote "traditional, biblical values. " The association praised the move, but the decision sparked immediate backlash.
BUSINESS
December 13, 2011 | By Shan Li, Los Angeles Times
Home improvement giant Lowe's Cos. continues to come under heavy criticism from activists, some politicians and customers after pulling its ads from a reality TV show featuring Muslim Americans. The North Carolina company decided to stop advertising on the show "All-American Muslim," on Discovery Communications Inc.'s TLC channel, after complaints by the Florida Family Assn., a conservative Christian group that lobbies companies to promote "traditional, biblical values. " The association praised the move, but the decision sparked immediate backlash.
BUSINESS
May 8, 1999 | Reuters
Lowe's Companies Inc., the home improvement retailer, said it named New York-based McCann-Erickson its agency of record and awarded the agency its $100-million broadcast account. The agency, a unit of the Interpublic Group of Companies Inc., will develop Lowe's creative broadcast campaigns. It will also be responsible for strategic planning and media buying for magazines, radio, television and billboards.
BUSINESS
August 17, 1999
* Lowe's Cos. said its earnings rose 27% in the fiscal second quarter to $230.2 million, or 60 cents a share, 2 cents higher than estimates. The home improvement retailer's sales rose 19% to $4.44 billion, and sales at stores open at least a year grew 5.6%. Lowe's also said it will stop selling less-profitable electronics by year-end to free up space for better-selling kitchen appliances and cabinets.
BUSINESS
February 27, 2001 | Reuters
Lowe's Cos., the No. 2 U.S. home improvement retailer, said earnings declined in its fourth quarter due to discounts, but predicted a strong increase in profit for the year ahead. The optimistic forecast pushed up shares of Lowe's and its rival, Home Depot Inc. Lowe's shares jumped $4.33, or 8%, to close at $58.91, while Home Depot shares rose $3.74, or 9%, to close at $43.75. Both trade on the NYSE. Lowe's said earnings in its fourth quarter ended Feb. 2 declined 5% to $140.
BUSINESS
February 24, 2005 | From Bloomberg News
Lowe's Cos., the world's No. 2 home improvement retailer, said fourth-quarter profit rose 27% as the company opened a record number of stores. Net income increased to $508 million, or 64 cents a share, from $401 million, or 49 cents, a year earlier. Sales climbed 18% to $8.55 billion, the Mooresville, N.C.-based company said. Earnings were 5 cents a share more than the 59-cent average estimate of analysts polled by Thomson First Call.
BUSINESS
May 17, 2005 | From Associated Press
Shares of Lowe's Cos. rose Monday after the nation's No. 2 home improvement retailer posted a 31% gain in its first-quarter profit. The earnings fell short of Wall Street's expectations, but investors appeared to accept the chain's explanation that an unseasonably cool March in key markets such as the Northeast was the chief culprit for it missing its guidance.
BUSINESS
February 26, 2002 | Bloomberg News
Lowe's Cos.' profit rose 55% in its latest quarter as the second-largest home improvement retailer opened stores in new markets. Net income in its fourth quarter ended Feb. 1 rose to $218.4million, or 28 cents a share, the Wilkesboro, N.C.-based company said. Sales rose 16% to $5.25 billion. Lowe's shares rose $1.44 to close at $47.49 on the NYSE.
BUSINESS
October 18, 2011 | By Tiffany Hsu, Los Angeles Times
Lowe's Cos., the world's second-largest home-improvement chain, will lay off about 1,950 workers and close 20 stores in 15 states. The store in Westminster in Orange County quietly closed at the end of business Sunday along with nine other Lowe's locations across the country. The other California store that will shut down is in Los Banos in Merced County. The company said in a statement Monday that the Los Banos store and the other still-open locations targeted in the downsizing will close within a month.
BUSINESS
August 17, 2010 | Reuters
Home Depot Inc. still sees room for profit growth this year as consumers take up long-delayed maintenance and repair projects for their homes, even if a return to bigger renovations will have to wait. Cost controls helped the company post a higher-than-expected quarterly profit and raise its full-year earnings forecast Tuesday. While sales missed expectations in a weak economy, investors were relieved that the top home-improvement chain still expects an increase for the rest of the year.
BUSINESS
November 27, 2009 | Bloomberg News
Home Depot Inc. and Lowe's Cos., the largest U.S. home-improvement chains, are stocking fewer fake Christmas trees as shoppers plan to save money by buying the real thing. "As the economy has gotten tougher, artificial trees have become more of a discretionary purchase," Craig Menear, Home Depot's executive vice president of merchandising, said in an interview at a store in Atlanta, its home base. The retailer will stock the same number of cut trees as last year and a smaller percentage of factory-made trees, Menear said.
BUSINESS
November 17, 2009 | Times Wire Reports
Lowe's Cos. posted fiscal third-quarter profit that met analysts' estimates. Net income fell to $344 million, or 23 cents a share, from $488 million, or 33 cents, a year earlier, the home-improvement retailer said. Excluding a write-down in the value of some stores and a tax benefit, earnings totaled 24 cents a share, in line with analysts' estimates compiled by Bloomberg. Revenue declined 3% to $11.4 billion in the three months that ended Oct. 30.
BUSINESS
September 23, 2009 | Times Wire Reports
Lowe's Cos. executives said they expected sales to begin rising again in fiscal 2010 as the housing market stabilizes, even as consumers have changed the way they approach home improvement projects in the recession. Still, the 2010 earnings outlook for the Mooresville, N.C., home improvement chain disappointed investors, and shares fell 88 cents to close at $21.07. Lowe's reiterated guidance for fiscal 2009 of $1.13 to $1.21 a share, with sales down about 3%.
BUSINESS
February 21, 2009 | Times Wire Reports
The dismal housing market dragged down fiscal fourth-quarter profit at Lowe's Cos. by 60%, and executives at the home-improvement chain said Friday that they saw little hope of a substantive fix from a federal effort aimed at helping struggling homeowners. To cope in the worsening recession, Lowe's said it was further cutting back the number of stores it planned to open in 2009 and offered a profit forecast for the year that was short of Wall Street's expectations. The news sent the company's shares down nearly 7%. Lowe's earned $162 million, or 11 cents a share, in the three months ended Jan. 30. That's down from $408 million, or 28 cents, during the same period last year.
BUSINESS
November 19, 2002 | From Bloomberg News
Lowe's Cos., the No. 2 home improvement retailer, said third-quarter earnings rose 35% as the company expands into bigger cities in the Northeast. Net income increased to $339.2 million, or 43 cents a share, from $250.5 million, or 32 cents, a year earlier. Sales rose 18% to $6.41 billion. Lowe's opened 18 stores in the quarter for a total of 823. Chief Executive Robert Tillman has stepped up the competition by entering cities such as Boston, where larger rival Home Depot Inc. dominates.
BUSINESS
August 19, 2008 | From the Associated Press
Repairs to drought-stricken flower beds and sales of freezers designed to hold bulk food helped Lowe's Cos. post better-than-expected profit for its fiscal second quarter. But the nation's faltering economy and sluggish housing industry still sent profit at the nation's second-largest home improvement chain down nearly 8%. For the three months that ended Aug. 1, results were boosted in part by consumers who undertook small outdoor gardening projects -- repairing their yards from last year's drought -- and bought freezers to accommodate bulk food purchases to cope with soaring grocery prices.
BUSINESS
March 12, 2008 | From Times Wire Services
The president of Lowe's Cos., the nation's second-largest home improvement retailer, said he remained optimistic that conditions would improve despite a weak housing market and tight credit standards that have created a tough sales environment. Larry Stone told analysts the economic downturn was affecting the entire housing sector. But he said the company couldn't wait for the "housing gods to help us," so steps were being taken to improve profit. Company executives plan to delay the opening of about 20 stores this year in several hard-hit markets, including California.
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