MAAT INDEX

CLAIM #38024 · Lowe's Companies Inc (LOW) · 2023Q1 earnings call · May 23, 2023 · due Aug 31, 2023

we are already seeing better-than-expected adoption rate and sales growth and expect results to accelerate as more Pros discover the new features.

Joseph McFarland · EVP Stores

PENDING
graded after results covering Aug 31, 2023 are reported

In context

stomers in their stores. To solve for both needs, we launched a suite of tools on lowes.com and our mobile app that make it easy for Pros to manage their orders from anywhere, whether that's on-the-job site, at home or out of town. Rather than having to drive to our stores to get a quote, Pros can now build and update online quotes in minutes. It automatically applies to their volume savings pricing and discounts and lets them quickly download a PDF quote for their customers. They can also use order tracking to track the status of the order throughout the fulfillment process. Pros tell us they love how easy and simple these tools are. In one Pro's words, he appreciates the convenience of being able to get a price, get it ordered and get it done. While these tools just launched in April, we are already seeing better-than-expected adoption rate and sales growth and expect results to accelerate as more Pros discover the new features. Our traction with Pros online is just one example of the momentum we are seeing in our MVPs Pro Rewards Program and one of the reasons we delivered a positive sales comp in Pro for Q1. Pros enrolled in our loyalty program continue to shop more frequently and buy more per trip and spend more overall. As our CRM tool matures, we are using data insights to identify trends that can improve our marketing and sales strategy, including tailoring our offerings by trade and by tier. These improved Pro capabilities and offerings are reflected in our Pro customer satisfaction scores, which are up 200 basis points over last year. In our April survey, over 75% of Pros continue to say their backlogs are healthy. While the Pro backlogs remain consistent with recent quarters, Pros did report a shift to

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SEC filings for LOW · Claim quote is verbatim from the 2023Q1 earnings call.