Lowe's Companies Inc at Morgan Stanley Global Consumer and Retail Conference Transcript
Morning, everyone. Quick disclosures. Please note that all important disclosures, including personal holding disclosures and Morgan Stanley disclosures, appear on the Morgan Stanley public website at www.morganstanley.com/researchdisclosures or at the registration desk.
Good morning. I'm Simeon Gutman, Morgan Stanley's hardline, broadline and food retail analyst. It's my pleasure to introduce Lowe's and welcome them for their inaugural appearance at this event. They are represented by CEO, Marvin Ellison; and EVP and CFO, Dave Denton.
This is a business that requires little introduction. It's an iconic brand, not only one of the largest retailers in the U.S. but also the world. As many know, the Lowe's story and stock have long been among the most popular narratives in all of retail, a good business in a great segment that is seemingly under-earning -- 9% operating margin today with a 3-year goal of 12%. That's where this
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