Lowe's Companies, Inc. Analyst and Investor Conference 2024

MOORESVILLE, N.C. – Lowe's Companies, Inc. (NYSE: LOW) today shared its strategic initiatives and financial objectives during its 2024 Analyst and Investor Conference, emphasizing its commitment to long-term growth and productivity.

2025 Total Home Strategy

The company discussed its 2025 Total Home Strategy, focusing on:
– Driving Pro Penetration
– Accelerating online sales
– Expanding home services
– Creating a loyalty ecosystem
– Increasing space productivity

AI Framework Development

In line with these initiatives, Lowe's announced a new AI framework aimed at enhancing customer experience and improving productivity. This technology will provide innovative solutions in partnership with:
– NVIDIA (NASDAQ: NVDA)
– OpenAI
– Palantir (NASDAQ: PLTR)

The retailer is piloting AI solutions for frontline associates to better serve customers and enhance in-store shopping experiences.

Product Marketplace Launch

Lowe's is launching the first product marketplace in the U.S. home improvement industry, intending to offer a broader selection of online products without inventory management or new fulfillment centers. This move solidifies Lowe's as a key player in home improvement.

MyLowe's Pro Rewards

The company plans to relaunch its Pro loyalty program as MyLowe's Pro Rewards in early 2025, offering enhanced benefits and savings for Pro customers. The program will consolidate DIY and Pro loyalty programs into a single ecosystem.

Pro Extended Aisle

To further cater to professional customers, Lowe's is launching Pro Extended Aisle, providing seamless solutions for large, special Pro orders, including jobsite and rooftop delivery.

Expansion Plans

Lowe's aims to open 10-15 new stores annually in rapidly growing U.S. markets and extend its rural offerings to 150 more stores, reaching nearly 500 rural locations to better serve customers.

Financial Update

A financial update detailed scenario planning for 2025 performance, introducing new Perpetual Productivity Improvement initiatives expected to deliver around $1 billion in annual cost savings.

Lowe's reaffirmed its full-year 2024 outlook, projecting total sales between $83.0 and $83.5 billion, with comparable sales declines of -3.0% to -3.5%. Adjusted operating margin is forecasted at 12.3% to 12.4%, and adjusted diluted earnings per share are between $11.80 and $11.90.

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