Lowe’s Companies, Inc. to host Q4 2017 earnings conference call on Wednesday, February 28, 2018

MOORESVILLE, N.C., 2018-Feb-22 — /EPR Retail News/ — In conjunction with the Lowe’s Companies, Inc. (NYSE: LOW) fourth quarter 2017 earnings press release, you are invited to listen to its conference call to be broadcast live over the internet on Wednesday, February 28, 2018 at 9:00 a.m. Eastern Time with: Robert A. Niblock, chairman, president and chief executive officer; Richard D. Maltsbarger, chief operating officer; and Marshall A. Croom, chief financial officer. Supplemental slides will be available fifteen minutes prior to the start of the conference call.

What: Fourth Quarter 2017 Earnings Conference Call Webcast

When: 9:00 a.m. Eastern Time on Wednesday, February 28, 2018

Where: Visit Lowe’s Investor Relations website at http://www.Lowes.com/investor

Click on Webcasts and then on Lowe’s Fourth Quarter 2017 Earnings Conference Call

How: Listen live online and view the supplemental slides by following the directions above

A webcast replay of the call can be accessed from 12:00 p.m. ET on February 28, 2018 through May 22, 2018 by visiting http://www.Lowes.com/investor and clicking on Webcasts and then on Lowe’s Fourth Quarter 2017 Earnings Conference Call.

Lowe’s Companies, Inc. (NYSE: LOW) is a FORTUNE® 50 home improvement company serving more than 17 million customers a week in the United States, Canada and Mexico. With fiscal year 2016 sales of $65.0 billion, Lowe’s and its related businesses operate or service more than 2,370 home improvement and hardware stores and employ over 290,000 people. Founded in 1946 and based in Mooresville, N.C., Lowe’s supports the communities it serves through programs that focus on K-12 public education and community improvement projects. For more information, visit Lowes.com.

Media Inquiries:

704-758-2917
PublicRelations@Lowes.com

SOURCE: Lowe’s Companies, Inc.

Lowe’s: Richard D. Maltsbarger to succeed Rick D. Damron as chief operating officer

Lowe’s: Richard D. Maltsbarger to succeed Rick D. Damron as chief operating officer

 

MOORESVILLE, N.C., 2017-Nov-22 — /EPR Retail News/ — Lowe’s Companies, Inc. (NYSE: LOW) announced today (November 21, 2017) that Richard D. Maltsbarger, Lowe’s chief development officer and president, international, has been appointed chief operating officer, effective Feb. 3, 2018, and will continue to report to Robert A. Niblock, chairman, president and CEO. Maltsbarger succeeds Rick D. Damron who plans to retire after 36 years with the company. Damron has served as chief operating officer since 2012.

In his new role, Maltsbarger, 42, will be responsible for delivering seamless omni-channel experiences to execute Lowe’s brand promise and build lasting customer loyalty. He will oversee areas including store operations, supply chain, pro and services, while also working closely with Michael P. McDermott, chief customer officer, to further enhance our omni-channel customer experience. A strong business leader, Maltsbarger has led Lowe’s international operations since 2015 and has a deep background in developing and executing strategy based on customer insights.

Niblock said, “Richard is a proven leader with a keen understanding of our business and industry. He brings vast consumer knowledge from various roles within Lowe’s and has been instrumental in the development and implementation of our strategy. We are confident that in this new role, Richard will continue to enhance our capabilities and processes as we execute our plans and meet customers’ rapidly evolving expectations.”

Niblock added, “On behalf of the board and management team, I want to thank Rick for his innumerable contributions to Lowe’s over his distinguished career during the past three decades. Rick has worked across every aspect of our operations, and his ideas and initiatives have positively impacted Lowe’s employees and customers. We wish him all the best in his retirement.”

Damron stated, “I have a great deal of admiration and respect for the Lowe’s organization and management team and look forward to working with Richard to ensure a smooth transition. Lowe’s is well positioned for continued success, and I have the utmost confidence in our employees and the company’s long-term growth opportunities.”

Maltsbarger Background

Maltsbarger was named chief development officer in 2014 and president, international in 2015. In his current role, Maltsbarger is responsible for corporate strategy, business development and international operations. Maltsbarger joined Lowe’s in 2004 as director of customer analytics and held various senior leadership roles including business development executive, senior vice president of strategy, vice president of strategic planning and vice president of research. Maltsbarger earned his bachelor’s and master’s degrees in agricultural economics from the University of Missouri and an MBA from Washington University in St. Louis.

About Lowe’s

Lowe’s Companies, Inc. (NYSE: LOW) is a FORTUNE® 50 home improvement company serving more than 17 million customers a week in the United States, Canada and Mexico. With fiscal year 2016 sales of $65.0 billion, Lowe’s and its related businesses operate or service more than 2,370 home improvement and hardware stores and employ over 290,000 people. Founded in 1946 and based in Mooresville, N.C., Lowe’s supports the communities it serves through programs that focus on K-12 public education and community improvement projects. For more information, visit Lowes.com.

Media Inquiries:
704-758-2917
PublicRelations@Lowes.com

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1-800-445-6937
CustCare@Lowes.com

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@LowesMedia

Source: Lowe’s Companies, Inc.

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Lowe’s Companies, Inc. to acquire Maintenance Supply Headquarters for $512 million

MOORESVILLE, N.C., 2017-May-19 — /EPR Retail News/ — Lowe’s Companies, Inc. (NYSE: LOW) today (May 18, 2017) announced it has entered into a definitive agreement to acquire Maintenance Supply Headquarters, a leading distributor of maintenance, repair and operations (MRO) products to the multifamily housing industry, for a total transaction value of $512 million. Based in Houston, Texas, Maintenance Supply Headquarters operates 13 distribution centers serving customers in 29 geographic areas, primarily in the western, southeastern and south central U.S., with a portfolio of more than 5,300 products and value-added services for maintaining and renovating multifamily properties.

The acquisition is expected to be completed in Lowe’s second fiscal quarter, following the receipt of regulatory approval and satisfactory completion of customary closing conditions. The transaction is expected to be accretive to Lowe’s earnings in fiscal 2017.

Purchasing Maintenance Supply Headquarters is an important step in Lowe’s strategy to deepen and broaden its relationship with the Pro customer and better serve their needs. When combined with Lowe’s November 2016 acquisition of Central Wholesalers, a prominent MRO distributor in the Mid-Atlantic and Northeast, this acquisition will substantially expand Lowe’s ability to serve the multifamily housing industry.

“Lowe’s has long served the multifamily housing industry through our Pro Services business, and we are excited about the potential to further expand our presence in this highly attractive and growing customer segment,” said Richard D. Maltsbarger, Lowe’s chief development officer and president of international. “Together, Maintenance Supply Headquarters and Central Wholesalers will expand our capabilities in serving this key segment while strengthening our platform for future growth with enhanced product and service offerings for MRO customers.”

Upon the close of the Maintenance Supply Headquarters transaction, Lowe’s combined multifamily MRO business will include 16 distribution centers in attractive regions throughout the nation generating more than $400 million in annual sales.

Richard “Rusty” Penick, co-founding partner and CEO of Maintenance Supply Headquarters, added, “We are thrilled to become part of the Lowe’s family and have high regard for the team and the company’s leadership in the home improvement industry. Our partnership with Lowe’s marks an exciting next step in the evolution and growth of Maintenance Supply Headquarters. Like Lowe’s, our team shares a commitment to deliver truly exceptional service for our customers, and over the past 10 years, we have been privileged to serve many of the nation’s top multifamily property management companies and their communities. We look forward to the new opportunities ahead.”

Founded in 2006, Maintenance Supply Headquarters’ broad product offering includes appliance, plumbing, HVAC, lighting, hardware, electrical and other products for maintaining and renovating multifamily properties, as well as services such as renovation project support, custom fabrication and educational classes.

Michael A. (Mike) Tummillo, a 13-year Lowe’s veteran and recently appointed senior vice president of Lowe’s pro sales organization, will oversee Maintenance Supply Headquarters and Central Wholesalers. He will also lead Lowe’s Pro Services business and Alacrity Services, a leading supplier of home restoration and repair services. Tummillo is responsible for deepening and broadening Lowe’s relationship with Pro customers to better serve their needs.

Goldman Sachs & Co. LLC is acting as financial advisor to Lowe’s, while Hunton & Williams LLP is acting as legal advisor. Crutchfield Capital Corporation is acting as financial advisor to Maintenance Supply Headquarters, while Porter Hedges LLP is acting as legal advisor.

About Lowe’s

Lowe’s Companies, Inc. (NYSE: LOW) is a FORTUNE® 50 home improvement company serving more than 17 million customers a week in the United States, Canada and Mexico. With fiscal year 2016 sales of $65.0 billion, Lowe’s and its related businesses operate or service 2,365 home improvement and hardware stores and employ over 290,000 people. Founded in 1946 and based in Mooresville, N.C., Lowe’s supports the communities it serves through programs that focus on K-12 public education and community improvement projects. For more information, visit Lowes.com.

Forward Looking Statement

This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements including words such as “believe”, “expect”, “anticipate”, “plan”, “desire”, “project”, “estimate”, “intend”, “will”, “should”, “could”, “would”, “may”, “strategy”, “potential”, “opportunity” and similar expressions are forward-looking statements. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. Forward-looking statements include, but are not limited to, statements about future financial and operating results, Lowe’s plans, objectives, business outlook, expectations and intentions, expectations for sales growth, comparable sales, earnings and performance, shareholder value, capital expenditures, cash flows, the housing market, the home improvement industry, demand for services, share repurchases, Lowe’s strategic initiatives, including those regarding the acquisition by Lowe’s Companies, Inc. of  Maintenance Supply Headquarters  and the expected impact of the transaction on Lowe’s strategic and operational plans and financial results, and any statement of an assumption underlying any of the foregoing and other statements that are not historical facts. Although we believe that the expectations, opinions, projections and comments reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and we can give no assurance that such statements will prove to be correct. Actual results may differ materially from those expressed or implied in such statements.

A wide variety of potential risks, uncertainties and other factors could materially affect our ability to achieve the results either expressed or implied by these forward-looking statements including, but not limited to, changes in general economic conditions, such as the rate of unemployment, interest rate and currency fluctuations, fuel and other energy costs, slower growth in personal income, changes in consumer spending, changes in the rate of housing turnover, the availability of consumer credit and of mortgage financing, inflation or deflation of commodity prices, and other factors that can negatively affect our customers, as well as our ability to: (i) respond to adverse trends in the housing industry, such as a demographic shift from single family to multifamily housing, a reduced rate of growth in household formation, and slower rates of growth in housing renovation and repair activity, as well as uneven recovery in commercial building activity; (ii) secure, develop, and otherwise implement new technologies and processes necessary to realize the benefits of our strategic initiatives focused on omni-channel sales and marketing presence and enhance our efficiency; (iii) attract, train, and retain highly-qualified associates; (iv) manage our business effectively as we adapt our traditional operating model to meet the changing expectations of our customers; (v) maintain, improve, upgrade and protect our critical information systems from data security breaches and other cyber threats; (vi) respond to fluctuations in the prices and availability of services, supplies, and products; (vii) respond to the growth and impact of competition; (viii) address changes in existing or new laws or regulations that affect consumer credit, employment/labor, trade, product safety, transportation/logistics, energy costs, health care, tax or environmental issues; (ix) positively and effectively manage our public image and reputation and respond appropriately to unanticipated failures to maintain a high level of product and service quality that could result in a negative impact on customer confidence and adversely affect sales; and (x) effectively manage our relationships with selected suppliers of brand name products and key vendors and service providers, including third party installers. With respect to the acquisition discussed herein specifically, potential risks include: the possibility that the acquisition will not close or that the closing may be delayed; the risk that required regulatory approvals are not obtained or that such approvals are delayed or subject to conditions that are not anticipated; the effect of the announcement of the acquisition on Lowe’s and  Maintenance Supply Headquarters’ strategic relationships, operating results and businesses generally; significant transaction costs or unknown liabilities; the failure to successfully integrate personnel and financial, IT and other systems; retaining management and other critical personnel; conditions in the maintenance, repair and operations market; and failure to realize all or some of the expected benefits of the transaction. For more information about these and other risks and uncertainties that we are exposed to, you should read the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Estimates” included in our most recent Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) and the description of material changes thereto, if any, included in our Quarterly Reports on Form 10-Q or subsequent filings with the SEC.

The forward-looking statements contained in this news release are expressly qualified in their entirety by the foregoing cautionary statements. The foregoing list of important factors that may affect future results is not exhaustive. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. All such forward-looking statements are based upon data available as of the date of this release or other specified date and speak only as of such date. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf about any of the matters covered in this release are qualified by these cautionary statements and in the “Risk Factors” included in our most recent Annual Report on Form 10-K and the description of material changes thereto, if any, included in our Quarterly Reports on Form 10-Q or subsequent filings with the SEC. We expressly disclaim any obligation to update or revise any forward-looking statement, whether as a result of new information, change in circumstances, future events or otherwise, except as may be required by law.

Media Inquiries:
704-758-2917
PublicRelations@Lowes.com

Source: Lowe’s

Lowe’s Companies, Inc. closes RONA inc. acquisition in a C$3.2 billion transaction

  •  Together, Lowe’s Canada and RONA Have 539 Store Locations, Pro Forma Canadian Revenues of C$6 Billion
  • Companies are Well-Positioned for Growth in Canada’s Over C$45 Billion Home Improvement Market

MOORESVILLE, N.C. and BOUCHERVILLE, Quebec, 2016-May-24 — /EPR Retail News/ — Lowe’s Companies, Inc. (NYSE: LOW) (“Lowe’s” or the “Company”) today announced that it has completed its previously announced acquisition of RONA inc. (“RONA”), in a transaction valued at C$3.2 billion (US$2.4 billion).

The acquisition represents a key step in accelerating Lowe’s growth strategy.  It creates one of the largest home improvement retailers in Canada, with 539 store locations and pro forma revenues from Canadian operations of approximately C$6 billion. As a result, Lowe’sCanada and RONA are well-positioned for continued success serving Canada’s over C$45 billion and growing home improvement market.

“We are very pleased to welcome RONA and its talented team into the Lowe’s family,” said Richard D. Maltsbarger, Lowe’s chief development officer and president of international. “This transaction significantly expands our presence in the Canadian market and provides attractive opportunities to drive revenue and profit growth while delivering meaningful long-term benefits to shareholders, customers, suppliers, employees and the communities we serve.  We look forward to capitalizing on the significant potential created by bringing together our two great companies.”

Robert Sawyer, former president and CEO of RONA, added, “I am confident that RONA will be in good hands as part of Lowe’s and will have new opportunities and resources to grow its brands and build upon its heritage, providing Canadians with trusted products and advice to build and renovate their homes in total confidence.  This is an excellent next step for our people, our partners, our customers and our former shareholders.”    

The Canadian operations are led by Sylvain Prud‘homme, president and CEO of Lowe’sCanada. “We are delighted to join forces with RONA’s experienced team to take our businesses to the next level,” said Prud’homme. “With the closing now behind us, we have hit the ground running and are focused on assuring a smooth transition and taking full advantage of the outstanding opportunities we see as one of Canada’s leading home improvement retailers.”

Lowe’s Commitments in Canada

As previously announced, as part of its acquisition of RONA, Lowe’s made certain key commitments in Canada including:

  • headquartering the Canadian businesses in Boucherville, Quebec;
  • maintaining RONA’s multiple retail store banners;
  • enhancing distribution services to dealer owners;
  • continuing RONA’s employment of the vast majority of its current employees and maintaining key executives from RONA’s strong leadership team;
  • continuing RONA’s local and ethical procurement strategy and potentially expanding relationships both Lowe’s and RONA have developed with Canadian manufacturers and suppliers; and
  • continuing to support Canadian communities through RONA and Lowe’s charitable and environmental initiatives.

RONA brings to Lowe’s a network of 496 corporate and dealer-owned stores in a number of complementary formats, as well as nine distribution centres serving corporate stores, dealer owners operating under various banners, and Ace for which RONA owns the licensing rights and is the exclusive distributor in Canada.

As mentioned in RONA’s first quarter earnings press release issued on May 10, 2016, dividends on common shares declared by RONA’s board of directors on May 9, 2016, to be paid on June 23, 2016 to shareholders of record on June 8, 2016, will not be paid according to the plan of arrangement since closing will occur before the payment date. A quarterly dividend of $0.20775 per share on cumulative and fixed 5-year Rate Reset Series 6 Class A preferred shares, as well as a quarterly dividend of $0.19384 per share on cumulative and variable 5-year Rate Reset Series 7 Class A preferred shares will be paid on June 30, 2016to shareholders of record on June 15, 2016 as these preferred shares are no longer part of the plan of arrangement and will continue to trade after closing. RONA’s annual meeting of shareholders, initially scheduled to be held on June 20, 2016, has been cancelled in light of the completion of the Arrangement.

Registered common shareholders of RONA (“RONA Shareholders”) must submit the share certificates representing their RONA common shares and complete, execute and submit the Letter of Transmittal sent to them with the other materials for the special meeting of RONA shareholders held on March 31, 2016 in order to receive the consideration to which they are entitled.  RONA Shareholders who have not yet submitted their share certificates and Letters of Transmittal are encouraged to do so as soon as possible.  Any questions regarding payment of the consideration, including any request for another copy of the Letter of Transmittal, should be directed to Computershare Investor Services Inc. via telephone at 1-800-564-6253 (toll free in North America) or via email at corporateactions@computershare.com.

Advisors

CIBC World Markets Inc. and RBC Capital Markets served as financial advisors to Lowe’s in connection with the Transaction.  Stikeman Elliott LLP served as legal counsel to Lowe’s inCanada, and Hunton & Williams LLP served as legal counsel to Lowe’s in the U.S.  Scotia Capital Inc. served as exclusive financial advisor to RONA.  Norton Rose Fulbright Canada LLP served as legal counsel to RONA.

About Lowe’s Companies, Inc.
Lowe’s Companies, Inc. (NYSE: LOW) is a FORTUNE® 50 home improvement company serving more than 17 million customers a week in the United States, Canada and Mexico. With fiscal year 2015 sales of $59.1 billion, Lowe’s has more than 2,355 home improvement and hardware stores and 285,000 employees. Founded in 1946 and based in Mooresville, N.C., Lowe’s supports the communities it serves through programs that focus on K-12 public education and community improvement projects. For more information, visit Lowes.com.

Forward-Looking Statements

This news release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 including those regarding the acquisition by Lowe’s Companies, Inc. of RONA, inc. and the expected impact of the transaction on Lowe’s strategic and operational plans and financial results.  Statements including words such as “may”, “will”, “could”, “should”, “would”, “plan”, “potential”, “intend”, “anticipate”, “believe”, “estimate” or “expect” and other words, terms and phrases of similar meaning are forward-looking statements. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties.  Such forward-looking statements include, but are not limited to, statements or implications about the benefits of the transaction, including future financial and operating results, Lowe’s plans, objectives, expectations and intentions, expectations for sales growth, comparable sales, earnings and performance, shareholder value, capital expenditures, cash flows, the housing market, the home improvement industry, demand for services, Lowe’s strategic initiatives, any statement of an assumption underlying any of the foregoing and other statements that are not historical facts.  Although we believe that the expectations, opinions, projections, and comments reflected in these forward-looking statements are reasonable, we can give no assurance that such statements will prove to be correct. A wide variety of potential risks, uncertainties, and other factors could materially affect our ability to achieve the results either expressed or implied by these forward-looking statements including, but not limited to, changes in general economic conditions, such as the rate of unemployment, interest rate and currency fluctuations, fuel and other energy costs, slower growth in personal income, changes in consumer spending, changes in the rate of housing turnover, the availability of consumer credit and of mortgage financing, inflation or deflation of commodity prices, and other factors which can negatively affect our customers, as well as our ability to: (i) respond to adverse trends in the housing industry, such as a demographic shift from single family to multi-family housing, a reduced rate of growth in household formation, and  slower rates of growth in housing renovation and repair activity, as well as uneven recovery in commercial building activity; (ii) secure, develop, and otherwise implement new technologies and processes necessary to realize the benefits of our strategic initiatives and enhance our efficiency; (iii) attract, train, and retain highly-qualified associates; (iv) manage our business effectively as we adapt our traditional operating model to meet the changing expectations of our customers; (v) maintain, improve, upgrade and protect our critical information systems from data security breaches and other cyber threats; (vi) respond to fluctuations in the prices and availability of services, supplies, and products; (vii) respond to the growth and impact of competition; (viii) address changes in existing or new laws or regulations that affect consumer credit, employment/labor, trade, product safety, transportation/logistics, energy costs, health care, tax or environmental issues; and (ix) respond appropriately to unanticipated failures to maintain a high level of product and service quality that could result in a negative impact on customer confidence and adversely affect sales. In addition, we could experience additional impairment losses if either the actual results of our operating stores are not consistent with the assumptions and judgments we have made in estimating future cash flows and determining asset fair values, or we are required to reduce the carrying amount of our investment in certain unconsolidated entities that are accounted for under the equity method. For more information about these and other risks and uncertainties that we are exposed to, you should read the “Risk Factors” and “Critical Accounting Policies and Estimates” included in our most recent Annual Report on Form 10-K to the United States Securities and Exchange Commission (the “SEC”) and the description of material changes therein or updated version thereof, if any, included in our Quarterly Reports on Form 10-Q or subsequent filings with the SEC.

The forward-looking statements contained in this news release are expressly qualified in their entirety by the foregoing cautionary statements. All such forward-looking statements are based upon data available as of the date of this release or other specified date and speak only as of such date. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf about any of the matters covered in this release are qualified by these cautionary statements and in the “Risk Factors” included in our most recent Annual Report on Form 10-K to the SEC and the description of material changes, if any, therein included in our Quarterly Reports on Form 10-Q or subsequent filings with the SEC. We expressly disclaim any obligation to update or revise any forward-looking statement, whether as a result of new information, change in circumstances, future events, or otherwise.

SOURCE Lowe’s Companies, Inc.

Lowe’s to exit the joint venture with Woolworths Limited in Australia

MOORESVILLE, N.C., 2016-Jan-21 — /EPR Retail News/ — Lowe’s Companies, Inc. (NYSE: LOW) today announced it has provided notification to Woolworths Limited, its joint venture partner in Australia, of its intent to begin the process of exiting its investment in the joint venture, which operates Masters Home Improvement stores and Home Timber and Hardware Group’s retail stores and wholesale distribution in Australia. Woolworth’s owns two-thirds of the joint venture, and Lowe’s owns one-third.

Richard D. Maltsbarger, Lowe’s chief development officer and president of international, commented, “While Australia offers an attractive home improvement market and the joint venture has made progress, we have decided, following a comprehensive strategic analysis, to focus our resources on areas of our business where we see greater potential return on our investment.  We have enjoyed partnering with Woolworths’ management and are committed to working closely with them as we transition out of this investment.”

Under the terms of the joint venture agreement, Lowe’s has an option to exercise its right to exit the agreement following its notice to Woolworths. This notification was sent on Jan. 15, 2016 and triggers a process for determining the purchase price of Lowe’s portion of the joint venture, which will be based on the fair market value as of the date of the receipt of the notice. Lowe’s expects to record, in its fourth quarter ending Jan. 29, 2016, a non-cash impairment charge, subject to adjustment based on the outcome of the valuation process.  Lowe’s net investment in the joint venture to date is approximately $930 million. In the interim period, from now until the option is exercised, Lowe’s is no longer required to make capital contributions to the business.

The joint venture agreement was signed in 2009, and the first Masters stores were opened in the second half of 2011 and now exceed 60 stores. Revenues for the joint venture, including both the Masters stores and the Home Timber and Hardware Group, were A$1.9 billion (US$1.6 billion) in its latest fiscal year ended June 28, 2015.

About Lowe’s
Lowe’s Companies, Inc. (NYSE: LOW) is a FORTUNE® 50 home improvement company serving approximately 16 million customers a week in the United States, Canada andMexico through its stores and online at Lowes.com, Lowes.ca and Lowes.com.mx. With fiscal year 2014 sales of $56.2 billion, Lowe’s has more than 1,845 home improvement and hardware stores and 265,000 employees. Founded in 1946 and based in Mooresville, N.C., Lowe’s supports the communities it serves through programs that focus on K-12 public education and community improvement projects. For more information, visit Lowes.com.

Disclosure Regarding Forward-Looking Statements

This news release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”). Statements of the company’s expectations for exiting its investment in the Australian joint venture, exercise of the option to exit the joint venture, incurrence of an impairment charge related to the planned divestment, making no further capital contributions to the joint venture, valuation of the joint venture and any statement of an assumption underlying any of the foregoing, constitute “forward-looking statements” under the Act.   Although we believe that the expectations, opinions, projections, and comments reflected in these forward-looking statements are reasonable, we can give no assurance that such statements will prove to be correct. A wide variety of potential risks, uncertainties, and other factors could materially affect our ability to achieve the results either expressed or implied by our forward-looking statements including, but not limited to, the valuation of the joint venture and changes in general economic conditions, such as the  rate of unemployment, interest rate and currency fluctuations, higher fuel and other energy costs, slower growth in personal income, changes in consumer spending, changes in the rate of housing turnover, the availability of consumer credit and of mortgage financing, inflation or deflation of commodity prices, and other factors which can negatively affect our customers. For more information about these and other risks and uncertainties that we are exposed to, you should read the “Risk Factors” and “Critical Accounting Policies and Estimates” included in our Annual Report on Form 10-K to the United States Securities and Exchange Commission (the “SEC”) and the description of material changes therein or updated version thereof, if any, included in our Quarterly Reports on Form 10-Q.

The forward-looking statements contained in this news release are based upon data available as of the date of this release or other specified date and speak only as of such date.  All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf about any of the matters covered in this release are qualified by these cautionary statements and the “Risk Factors” included in our Annual Report on Form 10-K to the SEC and the description of material changes, if any, therein included in our Quarterly Reports on Form 10-Q.  We expressly disclaim any obligation to update or revise any forward-looking statement, whether as a result of new information, change in circumstances, future events, or otherwise.

SOURCE Lowe’s Companies, Inc.

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