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Lowe's set out to beat Bunnings in Australia and ended up writing off US$820 million. Its partner, Woolworths, booked A$3.25 billion in charges, and the two companies finished the story arguing in court over whether a one-third stake was worth A$654 million or nothing. In 2009, Lowe's and Woolworths, Australia's largest retailer, set out to build a rival hardware chain called Masters Home Improvement. It opened in 2011, never made a profit, and every store was closed by December 2016. This documentary follows the public record: company reports, stock exchange announcements, the court judgment and press coverage from the time. Chapters 0:00 The valuation nobody agreed on 0:45 Why Lowe's looked at Australia 1:08 The partner: Woolworths 1:32 The target: Bunnings 2:08 Masters opens 2:31 The first numbers 2:56 What went wrong in the stores 3:40 More stores, bigger losses 4:10 "A thriving business" 4:34 The supermarket problem 5:15 Woolworths gives up 5:44 The A$3.25 billion bill 6:17 A$654 million or nil? 6:50 Breaking up the business 7:25 Lowe's goes to court 8:09 How it ended 8:41 Why it failed A note on the numbers A$ = Australian dollars, US$ = US dollars. The US$820 million is two non-cash impairment charges reported by Lowe's (US$530 million and US$290 million); it later received US$199 million for its stake. The A$3.25 billion charge covers 100% of the joint venture, before tax. The two valuations of the Lowe's stake (A$654 million and nil) came from experts appointed by each side, using different assumptions. The claims Lowe's made in the Federal Court were never tested at a full trial. The reasons for the failure given in this video are the views of analysts and company executives quoted in the sources below; neither company has published a full explanation. Sources Company and court documents - Woolworths, Full Year FY16 Earnings Announcement: https://www.woolworthsgroup.com.au/content/dam/wwg/investors/reports/2016/link-list-documents/186033_woolworths-limited-full-year-fy16-earnings-announcement.pdf - Woolworths, Half Year FY16 Earnings Announcement: https://www.woolworthsgroup.com.au/content/dam/wwg/investors/reports/2016/link-list-documents/185517_Woolworths_Limited_Half_Year_FY16_Earnings_Announcement.pdf - Woolworths, Update on Home Improvement Exit, 24 Aug 2016: https://www.woolworthsgroup.com.au/content/dam/wwg/investors/investor-news/2016/2016.08.24%20Woolworths%20Update%20on%20Home%20Improvement%20Exit.pdf - Woolworths, Preliminary Final Report FY14: https://www.woolworthsgroup.com.au/content/dam/wwg/investors/reports/2014/link-list-documents/184712_Preliminary_Final_Report_Of_Woolworths_Limited_For_The_Financial_Year_Ended.pdf - Lowe's press release, 18 Jan 2016: https://corporate.lowes.com/newsroom/press-releases/lowes-plans-exit-home-improvement-joint-venture-australia-01-18-2016 - Lowe's Form 10-K notes (SEC): https://www.sec.gov/Archives/edgar/data/60667/000006066716000407/R11.htm and https://sec.gov/Archives/edgar/data/60667/000006066718000051/R13.htm - Federal Court of Australia, WDR Delaware Corporation v Hydrox Holdings Pty Ltd [2016] FCA 1164: https://www.judgments.fedcourt.gov.au/judgments/Judgments/fca/single/2016/2016fca1164 Press - Reuters, 25 Aug 2009: https://kw.fashionnetwork.com/news/Lowe-s-taps-Australia-growth-with-Woolworths-joint-venture,71342.html - ABC News, 6 May 2015: https://www.abc.net.au/news/2015-05-06/five-reasons-woolworths-is-being-hammered-on-hardware/6450364 - InvestSmart, 19 Jul 2013: https://www.investsmart.com.au/investment-news/hardwares-a-hard-game-for-woolies/38701 - Bloomberg via ESM, 18 Jan 2016: https://www.esmmagazine.com/retail/woolworths-lowes-exit-unprofitable-home-improvements-unit-23530 - AAP via SBS, 21 Apr 2017: https://www.sbs.com.au/news/article/2017/04/21/woolworths-able-offload-masters-sites Photo credits (Wikimedia Commons; images were cropped, colour-graded and animated) - Masters store, Majura Park, Canberra; Woolworths, Leeton — Bidgee, CC BY-SA 3.0 AU (https://creativecommons.org/licenses/by-sa/3.0/au/) - Masters store interiors and construction site, Wagga Wagga — Bidgee, CC BY-SA 3.0 (https://creativecommons.org/licenses/by-sa/3.0/) - Lowe's store, USA — Marcus Quigmire, CC BY-SA 2.0 (https://creativecommons.org/licenses/by-sa/2.0/) - Law Courts Building, Sydney — Enoch Lau, CC BY-SA 3.0 - Bunnings, Burnie — Gary Houston, CC0 - Coles, Kurralta Park — Giorgos P, public domain Maps: Natural Earth (public domain). Music and sound effects: original, synthesised for this video. Narration: AI voice. Script, research and editing: Global Story Lab. Subscribe to Global Story Lab for more stories behind the numbers. This video is an independent documentary. It is not affiliated with Lowe's, Woolworths Group, Wesfarmers or Bunnings, and it is not financial advice. #Lowes #BusinessDocumentary #Australia #Bunnings

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