Lowe's is the world's second-largest home improvement retailer, with sales of $90 billion in FY21. Based in Mooresville, North Carolina, the company operated 1,974 home improvement and hardware stores in the U.S., and Canada at the end of FY21. Retail selling space was 208 million square feet. Home Decor, which includes appliances and paint, was the biggest merchandise division at 35% of FY21 sales. Building Products, including lumber, was 32%; Hardlines, including tools, seasonal, and lawn & garden, was 31%; Other categories represented 2 % of sales. About 75% of sales are to individuals and 25% are to maintenance, repair, operations and construction professionals. The states with more than 100 stores at the end of FY21 were Texas, Florida, North Carolina and California. Online sales were 5% of the company's total in FY20 and rose to about 7% at the end of FY21 and 9% in 1Q22. The company's fiscal year ends on the Friday closest to the end of January. Based on the fiscal calendar, FY17 had a 53rd week, which happens about every five years. The current year will end on January 29, 2022.
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Chris Graja, CFASenior Analyst: Retail