Lowe's reveals growth strategy focusing on Pro Penetration, online sales, home services, loyalty program, and AI.

From Investing.com: 2024-12-11 06:23:19

Lowe’s Companies, Inc. outlined its 2025 Total Home Strategy at the 2024 Analyst and Investor Conference, focusing on driving Pro Penetration, online sales growth, home services expansion, loyalty program creation, and space productivity increase. They also introduced an AI framework to enhance customer experience and productivity in partnership with tech companies like NVIDIA and Palantir.

To solidify its position in the home improvement industry, Lowe’s is launching the first product marketplace in the U.S., offering a wider range of products online without managing inventory. The company plans to relaunch its Pro loyalty program as MyLowe’s Pro Rewards and introduce Pro Extended Aisle for special orders, while opening 10-15 new stores annually.

Financially, Lowe’s expects $1 billion in annual cost savings from new Perpetual Productivity Improvement initiatives. The company reaffirmed its full-year 2024 outlook with total sales projected between $83.0 and $83.5 billion, a -3.0% to -3.5% decline in comparable sales, and adjusted operating margin of 12.3% to 12.4%, with adjusted diluted earnings per share between $11.80 and $11.90.



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