Lowes 2012 10-K musings
Posted in the Lowes Companies Forum
#1 Apr 3, 2012
If we fail to hire, train, manage and retain qualified sales associates and specialists, or contract with qualified installers and repair technicians, with expanded skill sets who can work effectively and collaboratively in an increasingly culturally diverse environment, we could lose sales to our competitors.
Our customers, whether they are homeowners or commercial businesses, expect our sales associates and specialists to be well trained and knowledgeable about the products we sell and the home improvement services we provide. Our customers also expect the independent contractors who install products they purchase from us to perform the installation in a timely and capable manner. Increasingly, our sales associates and specialists must have expanded skill sets, including in some instances the ability to do in-home or telephone sales. In addition, in many of our stores our employees and third-party contractors must be able to serve customers whose primary language and cultural traditions are different from their own. Also, as our employees as a group become increasingly culturally diverse, our managers and sales associates must be able to manage and work collaboratively with employees whose primary language and cultural traditions are different from their own.
Now that the 10-K is released, the coast is clear because all the insiders cashed out their options.
#2 Apr 3, 2012
while that is true of corporate the real owners of the company didn't sell it off. Corporate only owns less than 1% of total sales.
#4 Apr 11, 2012
Mike Brown is retiring after cashing in on most of his shares of the company. The question now is how many are going to follow him.
#5 Apr 12, 2012
10-K ammendment (after the dumps)
We are filing this Amendment No. 1 to our Annual Report on Form 10-K for the period ended February 3, 2012, which we filed with the Securities and Exchange Commission on April 2, 2012 (the “10-K Report”), to correct a technical error that appeared in the original Interactive Data File included as Exhibit 101 to the 10-K Report.
In the detail tagging within the Interactive Data File of the Commitments and Contingencies footnote to the original filing, we are correcting the value associated with non-cancelable commitments due 2012 to $590 million as opposed to the $5 million reflected in the original tagging.
590,000,000 instead of 5M
#6 Apr 12, 2012
Is there anything you do not comment on?
#7 Apr 12, 2012
#8 Apr 19, 2012
Lowe's Bonding/Borrowing another 2 Billion on the company
#9 Apr 19, 2012
Hopefully all of them. A new broom sweeps clean.
#11 May 5, 2012
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Amendment No. 1)
On April 19, 2012, Lowe’s Companies, Inc.(the “Company”) issued a press release announcing that Gregory M. Bridgeford, Executive Vice President of Business Development, and Rick D. Damron, Executive Vice President of Store Operations, have been promoted to the newly created positions of Chief Customer Officer (CCO) and Chief Operating Officer (COO), respectively, effective May 5, 2012. On April 20, 2012, the Company filed a current report on Form 8-K to report these events. This Amendment provides additional information required by Item 5.02(c)(3) of Form 8-K that was not included in the Company’s current report on Form 8-K filed April 20, 2012. The disclosure included in the current report on Form 8-K filed April 20, 2012 otherwise remains unchanged.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Effective May 5, 2012, Mr. Damron’s and Mr. Bridgeford’s annual base salaries will be increased to $750,000 to reflect their increased duties and responsibilities as the Company’s CCO and COO, respectively. The target and maximum annual incentive award Mr. Damron and Mr. Bridgeford may earn based on the Company’s achievement of short-term operational and strategic performance goals was also increased from 90% to 100% and from 180% to 200%, respectively, of their base salaries. For the first quarter of the current fiscal year, the amounts of their annual incentive awards will be determined using their current base salaries and their previously-approved target and maximum opportunities. For the balance of the current fiscal year, their increased base salaries and their new target and maximum opportunities will be used.
The Compensation Committee of the Board has also approved an increase in the target values of the annual equity incentive awards to be made to these two executive officers from 300% to 400% of their base salaries. This increase will be effective for the equity incentive awards to be made by the Committee to all of the Company’s executive officers effective as of March 1, 2013. The actual value of the awards realized by Mr. Damron and Mr. Bridgeford (as well as the Company’s other executive officers) will be based on the degree of achievement of performance vesting goals or satisfaction of vesting requirements based on continued employment with the Company and the value of the Company’s common stock when the awards are earned and become vested.
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