CLAIM #37872 · Lowe's Companies Inc (LOW) · 2021Q4 earnings call · Feb 23, 2022 · due Dec 31, 2022
“And so Pro is going to be a significant part of our growth this year, and we still feel very encouraged by the progress.”
Marvin Ellison · CEO
In context
“basis the Pro penetration is? And then more importantly, what do you think it can get to? Marvin Ellison: Yes. Look, I think your first statement is directionally correct on what and where the penetration is. We just know the business continues to be very strong. If you think about 23% comps in the quarter and 54% on a 2-year basis, I mean, we feel great about that business. And I think you noted, we spent quite a bit of time over the last 3-plus years making not only investments in adding products to our assortment, but also our service levels fulfillment. And we're very pleased, as I mentioned in my prepared comments with the launch of our new Pro loyalty program. And as I mentioned as well, we're seeing a 300% increase in Pro sales for Pros engaged in our loyalty and credit program. And so Pro is going to be a significant part of our growth this year, and we still feel very encouraged by the progress. Michael Baker: Okay. And as a follow-up, DIY, you said up on strong gains last year, fair to say up in the low single digits, slightly up something in that range, just what the math suggests? David Denton: That's correct. We saw expansion in growth in both, obviously, the Pro, but importantly, the DIY as well. Operator: Our next question comes from the line of Simeon Gutman with Morgan Stanley. Simeon Gutman: My first question is on EBIT margin. Now that it looks like you could get to 13% in '22. If you look at the model in the out years, and I know you haven't really given anything past this, is the correct way to think about moving past 13%, it's productivity-driven, meaning it's all throughput as sales per foot keeps rising? David Denton: Yes, I think that is correct. Simeon, we'r”
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SEC filings for LOW ↗ · Claim quote is verbatim from the 2021Q4 earnings call.