Lowe‘s is one of North America‘s most ubiquitous and successful home improvement retailers. With over 2,000 stores spanning the United States and Canada, Lowe‘s has established itself as a go-to destination for DIYers, contractors, and anyone looking to renovate, repair, or enhance their living spaces.
But beyond its massive brick-and-mortar footprint, Lowe‘s is a company with a rich history, interesting facts, and notable trends that have shaped its growth and evolution over the decades. In this comprehensive guide, we‘ll dive into 23 of the most fascinating Lowe‘s statistics that showcase the impressive scale of its operations, financial performance, product offerings, and social impact. Let‘s get started!
Lowe‘s History and Background
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The very first Lowe‘s store was opened in 1921 in North Wilkesboro, North Carolina by Lucius Smith Lowe. In the early years, Lowe‘s primarily catered to professional contractors and had the look and feel of a small local hardware store.
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It wasn‘t until 1949, nearly 30 years after its founding, that Lowe‘s opened its second location in the nearby town of Sparta, NC. This marked the beginning of Lowe‘s gradual expansion across the Southeast.
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Interestingly, before World War 2, Lowe‘s sold a much wider variety of merchandise beyond just hardware and home improvement supplies. Its product mix included dry goods like clothing and textiles, horse tack and saddles, groceries, and even tobacco products.
After the war ended, Lowe‘s leadership anticipated the coming housing and construction boom. Under the management of partner Carl Buchan, Lowe‘s wisely pivoted to focus exclusively on hardware, appliances, and building materials to capitalize on the surge in demand. This strategic move set the stage for Lowe‘s growth in the coming decades.
Lowe‘s Scale and Footprint
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As of February 2023, Lowe‘s operates a total of 2,015 stores across the United States and Canada. Collectively, Lowe‘s massive store fleet encompasses approximately 209 million square feet of retail space.
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While Lowe‘s is ubiquitous today in the U.S. and Canada, the company previously had a presence in Mexico as well. At its peak, Lowe‘s operated 14 stores in Mexico. However, in 2019, Lowe‘s made the decision to exit the Mexican market and closed all of its locations there in April of that year.
Analysts believe Lowe‘s pullback from Mexico was driven by underperforming sales and difficulty competing against rival Home Depot‘s stronger foothold in that market. By refocusing on its core U.S. and Canada business, Lowe‘s has been able to strengthen its operations and profitability closer to home.
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To fully grasp the immense scale of Lowe‘s, consider this eye-popping stat: Lowe‘s stocks over 34,000 different products on its shelves and warehouses. This incredibly broad product assortment means Lowe‘s can be a one-stop-shop for nearly any home improvement need a customer may have.
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Of course, it takes a massive workforce to keep Lowe‘s 2,000+ stores humming. Lowe‘s currently employs approximately 300,000 associates across its U.S. and Canadian operations. Many of these employees are highly trained in their respective departments and can offer expert advice to DIY customers.
Lowe‘s Financial Performance
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Lowe‘s is an absolute powerhouse from a financial perspective. In fiscal year 2022, Lowe‘s recorded a staggering $98.1 billion in total sales revenue. For context, this means Lowe‘s is raking in over $1.8 billion per week on average.
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One of the key drivers behind Lowe‘s financial success has been its savvy investments in its digital and e-commerce capabilities. In 2022, www.lowes.com attracted over 347 million unique visitors and generated billions in online sales.
Lowe‘s management recognizes that more and more customers are starting their shopping journey online, even if they ultimately complete their purchase in-store. By creating a robust website and mobile app that makes it easy to research products, check inventory, and place orders, Lowe‘s has become a true omnichannel retailer.
- Lowe‘s has also translated its strong sales into consistent profitability and cashflow generation. In fiscal 2022, Lowe‘s recorded net earnings of $8.4 billion and free cash flow of $5.0 billion.
This financial strength gives Lowe‘s the flexibility to continuously reinvest in its business through new store openings, technology/e-commerce investments, supply chain improvements, and opportunistic acquisitions. At the same time, Lowe‘s is committed to returning excess cash to shareholders through dividends and share repurchases.
Lowe‘s and the Community
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Beyond just selling hammers and paint, Lowe‘s strives to be a force for good in the communities where it operates. Lowe‘s has donated hundreds of millions of dollars to various charitable causes, with a particular focus on safe and affordable housing.
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One of Lowe‘s major partners in its quest to give back is Habitat for Humanity. To date, Lowe‘s and the Lowe‘s Foundation have contributed over $80 million to Habitat for Humanity, helping to build and repair thousands of homes for families in need.
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Lowe‘s also encourages its employees to get involved in volunteering and community service through its "Give Back Time" program. The company allows each employee to take a paid day off per year to volunteer with a local charitable organization of their choice. Collectively, Lowe‘s associates contribute over 100,000 volunteer hours annually.
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When natural disasters strike, Lowe‘s is often on the front lines helping communities to recover and rebuild. Lowe‘s has a long history of supporting the American Red Cross and other disaster relief organizations through product and monetary donations, as well as employee volunteerism.
After Hurricane Harvey devastated Houston and surrounding areas in 2017, Lowe‘s committed $2.5 million to relief efforts. And in the wake of the deadly tornadoes that ripped through Kentucky and neighboring states in late 2021, Lowe‘s mobilized hundreds of truckloads of essential supplies to affected areas and pledged $1 million to support recovery.
Inside Lowe‘s Stores
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One of the ways Lowe‘s differentiates itself from competitors is through its assortment of exclusive and private label brands. By partnering directly with manufacturers, Lowe‘s is able to secure special product lines that can only be found on its shelves.
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Popular Lowe‘s exclusive brands include Stainmaster carpet, Allen + Roth home décor, Project Source tools and hardware, Kobalt power tools, and Harbor Breeze ceiling fans. These labels allow Lowe‘s to offer high-quality products at attractive price points while still maintaining healthy margins.
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Lowe‘s is also at the forefront of the eco-friendly and sustainability movements. The company has greatly expanded its offering of products aimed at reducing environmental impact, such as energy-efficient appliances, drought-tolerant plants, and non-toxic/biodegradable cleaning supplies.
To help customers make greener choices, Lowe‘s has rolled out a dedicated "Eco Options" labelling program that identifies over 30,000 products that meet rigorous scientific standards for energy conservation, water conservation, clean air, or sustainable forestry.
Lowe‘s in the Spotlight
- Like many large corporations, Lowe‘s has not been immune to controversy over the years. In 2011, Lowe‘s found itself in the crosshairs after pulling its advertising from the reality TV show "All-American Muslim".
The company said it made the decision after receiving complaints from customers who took issue with the program. However, Lowe‘s was swiftly criticized by Muslim advocacy groups and others who viewed the ad pullout as discriminatory. Lowe‘s ultimately apologized and vowed to be more thoughtful with its ad placements going forward.
- More recently, Lowe‘s has attracted scrutiny over its employee compensation practices. In the mid-2000s, Lowe‘s was hit with several class action lawsuits alleging that it used an illegal "fluctuating workweek" method to avoid properly paying overtime to certain salaried managers.
While Lowe‘s did not admit wrongdoing, it did agree to pay nearly $10 million to settle the various lawsuits in 2008. As part of the settlements, Lowe‘s also committed to revamping its employee classification and overtime procedures.
- From a political standpoint, Lowe‘s leans conservative with its donations and affiliations. The company operates a political action committee that donates primarily to Republican candidates for federal office.
Over the 2022 election cycle, Lowe‘s PAC donated approximately $800,000 to various congressional campaigns. Of that total, over 60% went to Republican candidates. While Lowe‘s does contribute to some Democrats, it definitely favors the GOP overall.
Milestones in Lowe‘s History
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Lowe‘s hit a major milestone in 1964 when it recorded 1 million total customer transactions over the course of the year. While that figure seems quaint by today‘s standards, it marked an important inflection point in Lowe‘s growth and emergence as a major retailer.
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In 1994, Lowe‘s completed its initial public offering (IPO) and began trading on the New York Stock Exchange under the ticker symbol LOW. By becoming a publicly-traded company, Lowe‘s was able to tap into the capital markets to accelerate its expansion plans.
The 1990s would prove to be a pivotal decade for Lowe‘s overall. In addition to going public, the company undertook a massive modernization effort, shedding its old-fashioned "small hardware store" image in favor of the massive, modern home improvement warehouses we know today.
- As Lowe‘s has grown in scale, it has looked beyond the United States and Canada for expansion opportunities. The company has been steadily building out its global sourcing infrastructure to secure high-quality products at competitive prices.
In 2022, Lowe‘s imported products from over 40 different countries. To help manage these increasingly complex supply chains, Lowe‘s established a global overseas hub with dedicated offices and teams in Bangalore, India.
Lowe‘s Looks Forward
As Lowe‘s enters its second century in business, the company remains laser-focused on serving its customers and adapting to the ever-changing retail landscape. With continued investments in its stores, e-commerce capabilities, supply chain, employees, and communities, Lowe‘s is well-positioned to remain the leading home improvement retailer for the next generation of DIYers and doers.
