Professional Review of Lowe's Companies, Inc.
Lowe’s Companies, Inc. is a retail American company that specializes in home improvement. The company has its headquarters based in Mooresville, North Carolina and does its business as Lowe’s.
It operates a chain of retail stores in Canada and the United. As of November 2018, the company and its related businesses operate 2,015 home improvement and hardware stores in North America.
Lowe’s comes in as the second-largest hardware chain in the United States coming behind The Home Depot. Not only is the company the second-largest hardware chain in the US but also the entire world.
The company was founded in 1921 by Lucius Smith Lowe and Carl Buchan. Its first store was Lowe’s North Wilkesboro Hardware which was opened in North Wilkesboro, North Carolina.
After Lowe died in 1940, her daughter Ruth who had inherited the business sold the company to her brother Jim in the same year. In 1943, Jim took on Carl Buchan as a partner.
After World War II, Buchan anticipated the intense increase in the
company's constructions. Still, under his management, the store focused on hardware and building materials. In 1949, the company bought a second location in Sparta, North Carolina.
In 1952, Buchan became the solitary owner of the company. In 1954, the company opened the Lowes Foods grocery chain. As of 1955, Buchan expanded the company by opening several stores in the North Carolina cities of Charlotte, Durham, and Asheville.
After Buchan died of a heart attack in 1961, his five-man executive team, took the company public in the same year. As of 1962, the company operated 21 stores with annual revenue of $32 million. In 1979, it began trading on the New York Stock Exchange.
The company's headquarters is based on a 350-acre campus in Mooresville, North Carolina, a suburb of Charlotte.
The company employs more than 2,400 employees based on its former headquarters in Wilkesboro. In 2011, the company invested $10 million in improvements and renovation of the property.
It operates customer contact centers in Wilkesboro and Mooresville, North Carolina. Besides, they also operate in New Mexico, India, Indiana, and Indianapolis.
On June 27, 2019, the company announced the grounding of a 23-story tower in South End for $153 million. The building is expected to be completed in 2020, after which it will house 2000 employees.
The company is now in the leadership of Marvin Ellison, the CEO. As of 2018, the company had a number of 310,000 employees.
As of 2018, the company has an annual revenue of US$68.619 billion. Its operating income is estimated at US$6.586 billion.
It makes a net income of US$3.447 billion. Its total assets are valued at US$35.291 billion and have total equity of US$5.873.
Over to You
Apart from home improvements, the company also participates in adverts and sponsorships.
Lowe’s has also won 8 consecutive Energy Star awards from 2003 to 2010, including 4 Energy Star partner of the Year awards for educating customers about the benefits of energy efficiency.
This makes Lowe’s one of the best home improvement retails and the most sought by consumers. It would be a great choice for your home improvement services.