Lowe's 2014 Annual Report Download

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2014 ANNUAL REPORT

Table of contents

  • Page 1
    2014 ANNUAL REPORT

  • Page 2
    ... APPROXIMATELY 16 MILLION CUSTOMERS A WEEK IN THE UNITED STATES, CANADA AND MEXICO THROUGH ITS STORES AND ONLINE AT LOWES.COM, LOWES.CA AND LOWES.COM.MX. WITH FISCAL YEAR 2014 SALES OF $56.2 BILLION, LOWE'S HAS 1,840 HOME IMPROVEMENT AND HARDWARE STORES AND MORE THAN 265,000 EMPLOYEES. FOUNDED IN...

  • Page 3
    ..., we continue to invest approaches to store formats and product presentation, new in our core U.S. retail business and in adjacent home services and tools, and entry into new markets. improvement businesses that position Lowe's favorably In 2014, we delivered another year of solid performance with...

  • Page 4
    ...We have made great progress over the past few years to meet customers on their terms, whenever and wherever they choose to engage. We expect to begin rolling out additional omni-channel capabilities in 2015. positioned Lowe's as the destination for outdoor living with coordinated style. It performed...

  • Page 5
    ...strong. We are one of the largest players in the home improvement market, which provides tremendous buying power and economies of scale. proud of the Lowe's leadership team, which is committed to advancing our strategy, and our more than 265,000 employees who work every day to help people love where...

  • Page 6
    ...sales) Diluted earnings per common share Cash dividends per share Total assets Shareholders' equity Net cash provided by operating activities Capital expenditures Comparable sales increase4 Total customer transactions (in millions) Average ticket5 Selling square feet (in millions) Return on invested...

  • Page 7
    2014 FORM 10-K

  • Page 8

  • Page 9
    ... held by nonaffiliates of the registrant was $47.1 billion based on the closing sale price as reported on the New York Stock Exchange. Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date. CLASS Common Stock, $0.50 par value...

  • Page 10
    ... PART IV Item 15. 1 7 12 12 12 12 13 Item 1A. Risk Factors Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Selected Financial Data Management's Discussion and Analysis of Financial Condition and Results of Operations Financial Statements...

  • Page 11
    ... 1,793 stores located across 50 U.S. states, including 74 Orchard Supply Hardware (Orchard) stores in California and Oregon, as well as 37 stores in Canada, and 10 stores in Mexico. Lowe's was incorporated in North Carolina in 1952 and has been publicly held since 1961. The Company's common stock is...

  • Page 12
    ...Products Product Selection To meet customers' varying home improvement needs, we offer a complete line of products for maintenance, repair, remodeling, and decorating. We offer home improvement products in the following categories: Kitchens & Appliances; Lumber & Building Materials; Tools & Hardware...

  • Page 13
    ... the products we sell are sourced in a socially responsible, efficient, and cost effective manner. National Brand-Name Merchandise In many product categories, customers look for a familiar and trusted national brand to instill confidence in their purchase. Each Lowe's home improvement store carries...

  • Page 14
    ...8% of total sales in fiscal 2014. Extended Protection Plans and Repair Services We offer extended protection plans in Kitchens & Appliances, Tools & Hardware, Outdoor Power Equipment, Seasonal Living, and Rough Plumbing. Lowe's Protection Plans provide customers with product protection that enhances...

  • Page 15
    ... deliveries, manage after-sale installations, facilitate repair services for Appliances and Outdoor Power Equipment, and answer general customer questions via phone, e-mail, letters, or social media. Employees As of January 30, 2015, we employed approximately 175,000 full-time and 91,000 part-time...

  • Page 16
    ...home, including ENERGY STAR® appliances, WaterSense® labeled toilets, paint with no volatile organic compounds (VOC), and indoor and outdoor LED lighting. Through our in-home sales specialists, we offer customers installation of insulation and energy efficient windows. For more information on Lowe...

  • Page 17
    ...and investing extensively in on-line sales, content marketing and information searching technology capabilities. Failure to adapt our business concept successfully could negatively affect our relationship with our customers, the demand for the home improvement products and services we sell, the rate...

  • Page 18
    ... implement our strategic initiatives and drive the changes that are essential to successfully adapting our business concept in the rapidly changing retailing environment. As customer-facing technology systems become an increasingly important part of our omni-channel sales and marketing strategy, the...

  • Page 19
    ... credit card, debit card, credit accounts, gift cards, direct debit from a customer's bank account, consumer invoicing, and physical bank check. These payment options subject us to many compliance requirements, including, but not limited to, compliance with the Payment Card Industry Data Security...

  • Page 20
    ...take sales and market share from us if we fail to execute our merchandising, marketing and distribution strategies effectively, or if they develop a substantially more effective or lower cost means of meeting customer needs. We operate in a highly competitive market for home improvement products and...

  • Page 21
    ... venture partner in Australia. A significant portion of our anticipated store growth over the next five years will be in Canada and Mexico. We are also in a joint venture with Australia's largest retailer, Woolworths Limited, to develop a network of home improvement stores for consumers in Australia...

  • Page 22
    ... of approximately 201 million square feet of selling space. Of the total stores operating at January 30, 2015, approximately 86% are owned, which includes stores on leased land, with the remainder being leased from third parties. We also operate regional distribution centers and other facilities to...

  • Page 23
    ..., North and Latin America, The Husqvarna Group, 2009 - 2013. Chief Development Officer and President of International since 2015; Chief Development Officer, 2014 - 2015; Business Development Executive, 2012 - 2014; Senior Vice President, Strategy, 2011 - 2012; Vice President, Strategic Planning 2010...

  • Page 24
    ... per share declared on the common stock during such periods. Fiscal 2014 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total Return to Shareholders The following information in Item 5 of this Annual Report on Form 10-K is not deemed to be "soliciting material" or to be "filed" with the SEC or...

  • Page 25
    Issuer Purchases of Equity Securities The following table sets forth information with respect to purchases of the Company's common stock made during the fourth quarter of 2014: Total Number of Shares Purchased as Part of Publicly Average Price Announced Plans Paid per Share or Programs 2 63.20 66.21...

  • Page 26
    ... States of America. This discussion and analysis is presented in seven sections Executive Overview Operations Lowe's Business Outlook Financial Condition, Liquidity and Capital Resources Off-Balance Sheet Arrangements Contractual Obligations and Commercial Commitments Critical Accounting Policies...

  • Page 27
    ... develop requisition lists, access to purchase history, and customized product catalogs. Looking Forward Economic forecasts for 2015 suggest moderately stronger growth in the home improvement industry. Stronger job and income growth and improving household financial conditions are expected to build...

  • Page 28
    ... read in conjunction with the following discussion and analysis and the consolidated financial statements, including the related notes to the consolidated financial statements. Basis Point Increase / (Decrease) in Percentage of Net Sales from Prior Year 2014 Net sales Gross margin Expenses: Selling...

  • Page 29
    ... sales increase 2 Total customer transactions (in millions) Average ticket 3 At end of year: Number of stores Sales floor square feet (in millions) Average store size selling square feet (in thousands) 4 Return on average assets 5 6 2014 4.3 % 857 $ 65.61 1,840 201 109 8.1 % 24.4 % 13.9 % $ 2013...

  • Page 30
    ... for the year. During 2014, we experienced comparable sales above the company average in the following product categories: Millwork, Kitchens & Appliances, Tools & Hardware, and Fashion Fixtures. Targeted promotions coupled with the expansion of our Project Specialist programs drove comparable sales...

  • Page 31
    ... product categories: Outdoor Power Equipment, Kitchens & Appliances, Flooring, and Fashion Fixtures. Sales to Pro customers also performed well during the year and experienced comparable sales above the company average. Sales during the year benefited from growth in the home improvement industry...

  • Page 32
    ... timing of product introductions and promotions, which also helped drive sales in these categories. We continued to realize benefits from our strategic initiatives, with many product categories benefiting from improved line designs and deeper inventory in key items after having completed their Value...

  • Page 33
    ... 30, 2015. For additional information about the 2014 Credit Facility, see the summary of certain terms thereof that is included in the Current Report on Form 8-K we filed on September 2, 2014 with the Securities and Exchange Commission. We expect to continue to have access to the capital markets on...

  • Page 34
    ... than in connection with executing operating leases, we do not have any off-balance sheet financing that has, or is reasonably likely to have, a material, current or future effect on our financial condition, cash flows, results of operations, liquidity, capital expenditures or capital resources. 24

  • Page 35
    ... $ 1-3 Years 3 $ 4-5 Years After 5 Years - $ - Amounts do not include taxes, common area maintenance, insurance or contingent rent because these amounts have historically been insignificant. Represents commitments related to certain marketing and information technology programs, and purchases of...

  • Page 36
    ..., 2015. In addition, we receive funds from vendors in the normal course of business, principally as a result of purchase volumes, sales, early payments or promotions of vendors' products. Generally, these vendor funds do not represent the reimbursement of specific, incremental and identifiable costs...

  • Page 37
    ... flows associated with an individual operating location, management makes assumptions, incorporating local market conditions, about key store variables including sales growth rates, gross margin and controllable expenses, such as store payroll and occupancy expense, as well as asset residual values...

  • Page 38
    ... million in 2014 and 2013, respectively, related to adjustments for previously closed or relocated locations. We have not made any material changes in the methodology used to estimate the expected future cash flows of closed locations under operating leases during the past three fiscal years. If the...

  • Page 39
    ... of future events that cannot be determined with certainty. We sell separately-priced extended protection plan contracts under a Lowe's-branded program for which the Company is ultimately self-insured. The Company recognizes revenues from extended protection plan sales on a straight-line basis over...

  • Page 40
    ..., in part, by the market price we pay, which is determined by industry supply and demand. Foreign Currency Exchange Rate Risk Although we have international operating entities, our exposure to foreign currency exchange rate fluctuations is not material to our financial condition and results...

  • Page 41
    ... assurance to our management and the Board of Directors regarding the reliability of financial reporting and the preparation and fair presentation of published financial statements. All internal control systems, no matter how well designed, have inherent limitations, including the possibility...

  • Page 42
    .... Mooresville, North Carolina We have audited the accompanying consolidated balance sheets of Lowe's Companies, Inc. and subsidiaries (the "Company") as of January 30, 2015 and January 31, 2014, and the related consolidated statements of earnings, comprehensive income, shareholders' equity, and cash...

  • Page 43
    ... OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Stockholders of Lowe's Companies, Inc. Mooresville, North Carolina We have audited the internal control over financial reporting of Lowe's Companies, Inc. and subsidiaries (the "Company") as of January 30, 2015, based on...

  • Page 44
    ... Net sales Cost of sales Gross margin Expenses: Selling, general and administrative Depreciation Interest - net Total expenses Pre-tax earnings Income tax provision Net earnings Basic earnings per common share Diluted earnings per common share Cash dividends per share % Sales % Sales % Sales 100...

  • Page 45
    ... - net Deferred revenue - extended protection plans Other liabilities Total liabilities Commitments and contingencies Shareholders' equity: Preferred stock - $5 par value, none issued Common stock - $.50 par value; Shares issued and outstanding January 30, 2015 January 31, 2014 Capital in excess of...

  • Page 46
    ... stock options exercised and restricted stock vested Cash dividends declared, $0.62 per share Share-based payment expense Repurchase of common stock Issuance of common stock under share-based payment plans Balance February 1, 2013 Comprehensive income: Net earnings Other comprehensive loss Total...

  • Page 47
    ... of common stock under share-based payment plans Cash dividend payments Repurchase of common stock Other - net Net cash used in financing activities Effect of exchange rate changes on cash Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents, beginning of year Cash and cash...

  • Page 48
    ... YEARS ENDED JANUARY 30, 2015, JANUARY 31, 2014 AND FEBRUARY 1, 2013 NOTE 1: Summary of Significant Accounting Policies Lowe's Companies, Inc. and subsidiaries (the Company) is the world's second-largest home improvement retailer and operated 1,840 stores in the United States, Canada and Mexico...

  • Page 49
    ... credit cards are not reflected in receivables. Under an agreement with Synchrony, credit is extended directly to customers by Synchrony. All credit program-related services are performed and controlled directly by Synchrony. The Company has the option, but no obligation, to purchase the receivables...

  • Page 50
    ...the consolidated financial statements. The net carrying amount of excess properties that do not meet the held-for-sale criteria is included in other assets (noncurrent) on the consolidated balance sheets and totaled $152 million and $204 million at January 30, 2015 and January 31, 2014, respectively...

  • Page 51
    ... offers to finance one or more payment obligations of the Company prior to their scheduled due dates at a discounted price to participating financial institutions. The Company's goal in entering into this arrangement is to capture overall supply chain savings, in the form of pricing, payment terms...

  • Page 52
    ... from time to time either in the open market or through private market transactions. Shares purchased under the repurchase program are retired and returned to authorized and unissued status. Any excess of cost over par value is charged to additional paid-in capital to the extent that a balance is...

  • Page 53
    ... stored-value cards for which redemption was deemed remote was not significant for 2014, 2013, and 2012. Extended Protection Plans - The Company sells separately-priced extended protection plan contracts under a Lowe's-branded program for which the Company is ultimately self-insured. The Company...

  • Page 54
    ... Information - The Company's home improvement retail operations represent a single reportable segment. Key operating decisions are made at the Company level in order to maintain a consistent retail store presentation. The Company's home improvement retail stores sell similar products and services...

  • Page 55
    ... 2015 and January 31, 2014, classified by fair value hierarchy: Fair Value Measurements at Reporting Date Using (In millions) Available-for-sale securities: Money market funds Municipal obligations Certificates of deposit Municipal floating rate obligations Total short-term investments Available-for...

  • Page 56
    ...of projected future cash flows associated with an individual operating location, management made assumptions, incorporating local market conditions and inputs from retail store operations, about key variables including the following unobservable inputs: sales growth rates, gross margin, controllable...

  • Page 57
    ..., 2015 (In millions) Assets-held-for-use: Operating locations Excess properties Assets-held-for-sale: Excess properties Total Fair Value of Financial Instruments The Company's financial instruments not measured at fair value on a recurring basis include cash and cash equivalents, accounts receivable...

  • Page 58
    NOTE 3: Investments The amortized costs, gross unrealized holding gains and losses, and fair values of the Company's investment securities classified as available-for-sale at January 30, 2015, and January 31, 2014 are as follows: January 30, 2015 (In millions) Money market funds Municipal ...

  • Page 59
    ...of $455 million, at January 31, 2014. The related amortization expense for assets under capital lease is included in depreciation expense. NOTE 5: Exit Activities When locations under operating leases are closed, the Company recognizes a liability for the fair value of future contractual obligations...

  • Page 60
    ...our commercial paper program and has a $500 million letter of credit sublimit. Letters of credit issued pursuant to the 2014 Credit Facility reduce the amount available for borrowing under its terms. Borrowings made are unsecured and are priced at fixed rates based upon market conditions at the time...

  • Page 61
    ... designated by the Board of Directors at the time of issuance. Authorized shares of common stock were 5.6 billion ($.50 par value) at January 30, 2015, and January 31, 2014. The Company has a share repurchase program that is executed through purchases made from time to time either in the open market...

  • Page 62
    ... of par value and retained earnings. The forward stock purchase contract was considered indexed to the Company's own stock and was classified as an equity instrument. During the year ended January 30, 2015, the Company also repurchased shares of its common stock through the open market totaling 48...

  • Page 63
    ... for three years, and are assigned an exercise price equal to the closing market price of a share of the Company's common stock on the date of grant. Options are expensed on a straight-line basis over the grant vesting period, which is considered to be the requisite service period. The fair value of...

  • Page 64
    ... stock units are valued at the market price of a share of the Company's common stock on the date of grant. For nonemployee Directors, these awards vest immediately and are expensed on the grant date. During 2014, 2013 and 2012, each non-employee Director was awarded a number of deferred stock...

  • Page 65
    ... Company improvement in brand differentiation, which is not considered a market, performance, or service related condition, are classified as liability awards and are measured at fair value at each reporting date. The awards are valued at the market price of a share of the Company's common stock...

  • Page 66
    ...% of the closing price on the date of purchase. The ESPP is considered a liability award and is measured at fair value at each reporting date, and the share-based payment expense is recognized over the six-month offering period. During 2014, the Company issued 1.6 million shares of common stock and...

  • Page 67
    ... provisions of the Internal Revenue Code of 1986. This plan provides for employee salary deferrals and employer contributions in the form of a Company Match. The Company maintains a non-qualified deferred compensation program called the Lowe's Cash Deferral Plan. This plan is designed to permit...

  • Page 68
    ... Reductions for tax positions of prior years Settlements Unrecognized tax benefits, end of year $ $ 2014 62 $ 2 (57) - 7 $ 2013 63 $ - - (1) 62 $ 2012 146 20 (3) (100) 63 The amounts of unrecognized tax benefits that, if recognized, would favorably impact the effective tax rate were $4 million and...

  • Page 69
    ...-average number of common shares as of the balance sheet date, as adjusted for the potential dilutive effect of non-participating share-based awards. The following table reconciles earnings per common share for 2014, 2013 and 2012: (In millions, except per share data) Basic earnings per common share...

  • Page 70
    ... accrued were not material to the Company's consolidated financial statements. As of January 30, 2015, the Company had non-cancelable commitments of $847 million related to certain marketing and information technology programs, and purchases of merchandise inventory. Payments under these commitments...

  • Page 71
    ... of the Company's Board of Directors also serves on the Board of Directors of a vendor that provides certain services to the Company related to health and welfare benefit plans. The Company made payments to this vendor in the amount of $56 million in 2014, $15 million in 2013, and $2 million in 2012...

  • Page 72
    ... 100 % 2014 (Dollars in millions) Kitchens & Appliances Lumber & Building Materials Tools & Hardware Fashion Fixtures Rough Plumbing & Electrical Lawn & Garden Seasonal Living Paint Home Fashions, Storage & Cleaning Flooring Millwork Outdoor Power Equipment Other Totals 1 Total Sales $ 8,007 6,884...

  • Page 73
    ...LLP, the Company's independent registered public accounting firm, are included in Item 8 of this Annual Report on Form 10-K. In addition, no change in the Company's internal control over financial reporting occurred during the fiscal fourth quarter ended January 30, 2015 that has materially affected...

  • Page 74
    ... interest, fair dealing among customers and suppliers, corporate opportunity, confidential information, insider trading, employee relations and accounting complaints. The full text of the Code can be found on our website at www.Lowes.com, under the "About Lowe's," "Investors" and "Governance - Code...

  • Page 75
    ... a) 1. Financial Statements See the following items and page numbers appearing in Item 8 of this Annual Report on Form 10-K: Page No. Reports of Independent Registered Public Accounting Firm Consolidated Statements of Earnings for each of the three fiscal years in the period ended January 30, 2015...

  • Page 76
    ... in the required reserve based on the Company's evaluation of anticipated merchandise returns. Represents an increase in the required reserve based on the Company's evaluation of deferred tax assets. Represents claim payments for self-insured claims. Represents lease payments, net of sublease income...

  • Page 77
    .... Bylaws of Lowe's Companies, Inc., as amended and restated August 24, 2012. Form 10-Q File No. 001-07898 Exhibit 3.1 Filing Date September 1, 2009 3.2 8-K 001-07898 3.1 August 27, 2012 4.1 Indenture, dated as of April 15, 1992, between Lowe's Companies, Inc. and The Bank of New York, as...

  • Page 78
    ...001-07898 4.1 September 11, 2007 4.9 Sixth Supplemental Indenture, dated as of April 15, 2010, to the Amended and Restated Indenture, dated as of December 1, 1995, between Lowe's Companies, Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee, including as exhibits thereto a form...

  • Page 79
    ...No. 001-07898 Exhibit 4.1 Filing Date November 23, 2011 4.12 Ninth Supplemental Indenture, dated as of April 23, 2012, to the Amended and Restated Indenture, dated as of December 1, 1995, between Lowe's Companies, Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee, including as...

  • Page 80
    ..., and the other lenders party thereto. Form 8-K File No. 001-07898 Exhibit 10.1 Filing Date October 28, 2011 4.16 Credit Agreement, dated as of August 29, 2014, by and among Lowe's Companies, Inc., Bank of America, N.A., as administrative agent, swing line lender and an l/c issuer, Wells Fargo...

  • Page 81
    ...3, 2013 10.15 Amendment No. 6 to the Lowe's Companies Benefit Restoration Plan.*‡ 10.16 Form of Lowe's Companies, Inc. Management Continuity Agreement for Tier I Senior Officers.* Form of Lowe's Companies, Inc. Management Continuity Agreement for Tier II Senior Officers.* Lowe's Companies Cash...

  • Page 82
    Exhibit Number 10.21 Incorporated by Reference Exhibit Description Lowe's Companies, Inc. Amended and Restated Directors' Stock Option and Deferred Stock Unit Plan.* Form of Lowe's Companies, Inc. Deferred Stock Unit Agreement for Directors.* Form 8-K File No. 001-07898 Exhibit 10.1 Filing Date...

  • Page 83
    ... Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.†Form File No. Exhibit Filing Date 99.1 Amendment No. 1 to the Lowe's 401(k) Plan, effective as of January 1, 2013 (filed to include this...

  • Page 84
    ...15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. LOWE'S COMPANIES, INC. (Registrant) March 31, 2015 Date By: /s/ Robert A. Niblock Robert A. Niblock Chairman of the Board, President and...

  • Page 85
    ...capacities stated below, and to file with the Securities and Exchange Commission any and all amendments to this report on Form 10-K, making such changes in this report on Form 10-K as appropriate, and generally to do all such things in their behalf in their capacities as directors and/or officers to...

  • Page 86
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  • Page 87
    ...12.1 Lowe's Companies, Inc. Statement Re Computation of Ratio of Earnings to Fixed Charges In Millions, Except Ratio Data Fiscal Years Ended On January 28, 2011 Earnings: Earnings Before Income Taxes Fixed Charges Capitalized Interest 1 February 3, 2012 2,906 $ 524 - 3,430 $ February 1, 2013 3,137...

  • Page 88
    ... have reviewed this Annual Report on Form 10-K for the fiscal year ended January 30, 2015 of Lowe's Companies, Inc. (the Registrant); (2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made...

  • Page 89
    ... have reviewed this Annual Report on Form 10-K for the fiscal year ended January 30, 2015 of Lowe's Companies, Inc. (the Registrant); (2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made...

  • Page 90
    ...of the Securities Exchange Act of 1934; and The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. /s/ Robert A. Niblock Robert A. Niblock Chairman of the Board, President and Chief Executive Officer March...

  • Page 91
    ... Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. /s/ Robert F. Hull, Jr. Robert F. Hull, Jr. Chief Financial Officer March 31, 2015

  • Page 92
    ...Chairman LOWE'S COMPANIES, INC. EXECUTIVE OFFICERS AND CERTAIN SIGNIFICANT EMPLOYEES Robert A. Niblock Chairman of the Board, President and Chief Executive Officer Michael A. Jones Chief Customer Officer Maureen K. Ausura Chief Human Resources Officer Richard D. Maltsbarger Chief Development...

  • Page 93
    .... Dividend payment dates are usually the first week of fiscal May, August, November and February. Annual Meeting Date May 29, 2015 at 10:00 a.m. Ballantyne Hotel Charlotte, NC Stock Trading Information Lowe's common stock (LOW) is listed on the New York Stock Exchange. Annual Report Design by...

  • Page 94
    www.Lowes.com Lowe's Companies, Inc. 1000 Lowe's Boulevard Mooresville, NC 28117