Lowe's

In 1921, L.S. Lowe founded Lowe’s North Wilkesboro Hardware. After his death in 1940, his son Jim Lowe took over and offered part ownership to his brother-in-law, Carl Buchan. In 1946, Buchan refocused the company solely on home improvement products.⁠[1]

Lowe’s officially became a chain in 1949. In 1952, Jim Lowe and Carl Buchan ended their business partnership.⁠[2]

Lowe’s went public on October 10, 1961, and was listed on the New York Stock Exchange on December 19, 1979.⁠[1]

In August 1996, Leonard Herring retired as president and chief executive officer and was succeeded by Robert L. Tillman. At the end of fiscal 1996, the chain had 402 stores, with average store size up to 76,000 square feet from 66,000 a year earlier. Record sales reached $8.6 billion, net earnings were $292.2 million and employees numbered 54,000.⁠[3]

In November 1998, Lowe’s announced a proposed stock swap, valued at about $1 billion, to acquire Eagle Hardware & Garden.⁠[4]

In February 1999, Eagle, based in Renton, Washington, said that under its definitive merger agreement with Lowe’s it would become a wholly owned subsidiary of Lowe’s, with closing expected in the first quarter of fiscal 1999. Eagle then operated 38 warehouse home improvement centers in ten western states.⁠[5]

The purchase was completed in 1999.⁠[2]

Robert L. Tillman announced on April 5, 2004, that he would retire at the end of fiscal 2004. On January 28, 2005, company president Robert A. Niblock assumed the additional roles of chairman and chief executive officer under the succession plan.⁠[6]

On August 30, 2013, Lowe’s acquired the majority of the assets of Orchard Supply Hardware, and as of January 31, 2014, it operated 72 Orchard stores in the U.S. Lowe’s was also in a joint venture with Woolworths Limited, Australia’s largest retailer, to develop home improvement stores in Australia.⁠[7]

On April 17, 2014, the Justice Department announced a settlement with Lowe’s over violations of the lead Renovation, Repair and Painting (RRP) Rule’s recordkeeping and work practice standards. Lowe’s agreed to pay a $500,000 civil penalty, the largest ever for RRP violations, and to implement a compliance program at more than 1,700 stores.⁠[8]

In the fourth quarter of fiscal 2015, Lowe’s decided to exit Australia by withdrawing from its joint venture with Woolworths, with a $530 million impairment. Fiscal 2015 net sales were $59.1 billion and net earnings $2.5 billion. As of January 29, 2016, it had 1,805 U.S. stores, including 80 Orchard stores, plus 42 in Canada and 10 in Mexico.⁠[9]

On May 20, 2016, Lowe’s announced it had completed its acquisition of Canada’s RONA inc. for C$3.2 billion (US$2.4 billion). RONA brought 496 corporate and dealer-owned stores, giving Lowe’s Canada and RONA 539 store locations combined, with the Canadian businesses headquartered in Boucherville, Quebec.⁠[10]

On May 22, 2018, Lowe’s named Marvin R. Ellison, chairman and CEO of J. C. Penney, as president and CEO and a board member effective July 2, 2018, succeeding Robert A. Niblock, who had announced plans to retire. Director Richard W. Dreiling would become chairman on the same date. Ellison had previously spent more than 12 years at The Home DepotThe Home DepotThe Home Depot, Inc. is an American home improvement retailer, the world’s largest by net sales for fiscal 2025, headquartered in Atlanta, Georgia.Open the full entry.⁠[11]

On November 3, 2022, Lowe’s announced the sale of its Canadian retail business to Sycamore PartnersSycamore PartnersSycamore Partners is a private equity firm headquartered in New York, United States, founded by Stefan Kaluzny in 2011. It focuses on consumer, distribution, and retail-related investments and has acquired companies including Talbots, The Jones Group, Belk, and Staples; in August 2025, in partnership with Stefano Pessina and his family, it completed the take-private acquisition of Walgreens Boots Alliance.Open the full entry for $400 million. The business comprised about 450 stores operated or served under names including RONA, Lowe’s, Réno-Dépôt and Dick’s Lumber, and now operates as RONA inc.⁠[12]

On February 3, 2023, Lowe’s announced that it had completed the sale. Chairman, President and CEO Marvin R. Ellison said “we are now singularly focused on the transformation of our U.S. home improvement business.”⁠[13]

On June 2, 2025, Lowe’s announced it had completed its acquisition of Artisan Design Group (ADG), a nationwide provider of design, distribution and installation services for interior surface finishes.⁠[14]

The purchase was valued at $1.32 billion, and ADG is based in Dallas.⁠[15]

On August 20, 2025, Lowe’s announced it would buy building materials distributor Foundation Building Materials (FBM) from American Securities LLC and CD&R for $8.8 billion.⁠[16]

On October 9, 2025, Lowe’s announced it had completed the acquisition. FBM, headquartered in Santa Ana, California, has over 370 locations across the U.S. and Canada. Ellison said: “Completing the acquisition of FBM is an important step in accelerating our Total Home strategy.”⁠[17]

As of January 30, 2026, Lowe’s employed approximately 167,000 full-time and 109,000 part-time associates. It has pursued its Total Home strategy since fiscal 2020.⁠[18]

Lowe’s fiscal 2025 net sales were $86.286 billion ($83.674 billion in fiscal 2024), and net earnings were $6.654 billion ($6.957 billion), or $11.85 per diluted share. At year-end it operated 1,759 stores with about 196 million square feet of retail selling space.⁠[19]