CLAIM #37947 · Lowe's Companies Inc (LOW) · 2022Q2 earnings call · Aug 17, 2022 · due Dec 31, 2022
“And we think as we get into the back half of the year with our new Pro loyalty program, with improved job-like quantity in stocks with some of the brands that Bill outlined that we're going to see this momentum continue.”
Marvin Ellison · CEO
In context
“questions. One, Pro business, up double digits for Pro, that's great, but it did slow a little bit from last quarter on a 1-year and a 2-year basis. So wondering what to make of that. And then these comments on this being a little bit better. I guess DIY, but any comment on how the Pro business is doing in the last 6 weeks or so? Marvin Ellison: Yes. Thanks, Mike. This is Marvin. We feel good about the overall sales volume in the Pro business. And as Joe noted, second quarter is typically our highest DIY penetrating quarter of the year. But when we look at the Pro business, we feel incredibly positive on the momentum and just the daily volume we're seeing across all geographies relative to what we were seeing 2 or 3 years ago. And we think it's very sustainable than it's proven to be. And we think as we get into the back half of the year with our new Pro loyalty program, with improved job-like quantity in stocks with some of the brands that Bill outlined that we're going to see this momentum continue. And as I said, it's not just about Pro loyalty, Pro loyalty is one of the foundational pieces of the strategy in addition to all the investments we've made in the store, the brands, the fulfillment improvement. And also, just as a reminder, our U.S. reset project last year, literally improved all the adjacencies, specifically for the Pro customer, and we think those things are paying dividends. So that business is performing really well and is performing really well vis-a-vis the DIY and the same trends we're seeing post-July 4 for DIY. Pro is also taking those same positive trends and performing well. Kate Pearlman: Thank you all for joining us today. We look forward to speaking with you on our third quarter earnings call in November. Operator: Thank you. This concludes the Lowe's se”
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SEC filings for LOW ↗ · Claim quote is verbatim from the 2022Q2 earnings call.