Summary
Lowe's Companies, Inc. (LOW) filed its 2010 Form 10-K, reporting on its fiscal year ending January 29, 2010. As the world's second-largest home improvement retailer, Lowe's operated 1,710 stores across the U.S. and Canada, representing approximately 193 million square feet of retail space. The company serves a diverse customer base including homeowners, renters, and commercial businesses. In the context of the ongoing economic recession, Lowe's is balancing long-term growth initiatives with a near-term focus on capital conservation and liquidity. The company highlights that the U.S. home improvement market experienced an estimated 11% decrease in 2009. Key economic indicators such as unemployment, disposable income, and housing turnover suggest continued weakness in consumer demand for fiscal year 2010. Despite these challenging market conditions, Lowe's continues its strategic store expansion, albeit at a reduced pace, with plans for 40-45 new stores in fiscal 2010, including expansion into Canada and Mexico. The company also emphasizes its commitment to operational efficiency, proprietary brands, and environmental leadership, alongside its robust credit financing and installed sales programs.
Financial Highlights
51 data points| Revenue | $47.22B |
| Cost of Revenue | $30.76B |
| Gross Profit | $16.46B |
| SG&A Expenses | $11.74B |
| Operating Expenses | $13.64B |
| Interest Expense | $287.00M |
| Net Income | $1.78B |
| EPS (Basic) | $1.21 |
| EPS (Diluted) | $1.21 |
| Shares Outstanding (Basic) | 1.46B |
| Shares Outstanding (Diluted) | 1.46B |
Key Highlights
- 1Lowe's operated 1,710 stores across 50 U.S. states and Canada, with approximately 193 million square feet of retail space as of January 29, 2010.
- 2The company estimates the U.S. home improvement market decreased by approximately 11% in 2009, with key economic indicators pointing to continued weakness in consumer demand for fiscal 2010.
- 3Lowe's plans to open 40-45 new stores in fiscal 2010, a reduction from 62 openings in fiscal 2009, reflecting the challenging economic environment and focusing on expansion in Canada and Mexico.
- 4The company offers a wide range of products, including national brands and proprietary brands, catering to do-it-yourself (DIY), do-it-for-me (DIFM), and commercial business customers.
- 5Installed sales, including product and labor, accounted for approximately 6% of total sales in fiscal 2009.
- 6Lowe's reported significant community contributions, with over $30 million donated in 2009 to schools and community organizations, and ongoing partnerships with organizations like Habitat for Humanity.
- 7The company's stock repurchased approximately 21.9 million shares in the fourth quarter of fiscal 2009 and announced a new $5 billion repurchase program with no expiration.