Lowe's Strategic Audit Report

407 Words2 Pages
EXECUTIVE SUMMARY Lowe’s opened in 1952 in North Wilkesboro, North Carolina as a small town home improvement store. Lowe’s main customers were local contractors. Currently, Lowe’s is the seventh largest retailer in the United States and is the second largest retail home improvement retailer after Home Depot. Over the years, sales grew and they expanded all across the country and now operate stores not only in the United States, but also in Canada and Mexico. Lowe’s values have remained the same over the years, in which the company is committed to offering high-quality home improvement products at everyday low prices, while delivering superior customer service. Lowe’s provides their customers with support over the phone, in store, online, or at their very own home. With more than 1,750 stores, they have implemented multiple systems to improve the customer experience, including an upgraded store information technology infrastructure that allows customers and employees to access richer product information, enjoy an endless aisle of product choices and manage their projects from inspiration to enjoyment. The main drivers in this industry to compete and grow are to be able to have admirable cost control, economies of scale, and a supply of good quality products. With low prices and superior products Lowe’s will keep expanding internationally and take more market share from the other competitors in the retail home improvement industry. I. CURRENT SITUATION Lowe’s is currently continuing with their growth strategy and opening 42 new stores to reflect a total square footage growth of around 2 percent. With fiscal year 2012 sales of $50.5 billion and net earnings of $2.0 billion, Lowe’s has recorded profits every year since becoming public. Lowe’s generated operating cash flows of $3.8 billion in 2012. Cash is being

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