Lowe's announced its annual spring sale plans on March 21, along with a new loyalty program. The move confirms that the company is increasing its focus on do-it-yourself (DIY) customers following a slowdown in DIY demand during the winter season.
The two announcements work together to help homeowners tackle projects and save money, the retailer said.
“Nearly two-thirds of homeowners remain locked in mortgage rates below 4%, and many are considering turning their first home into a forever home,” Lowe's said in a statement. said.
“And as homeowners look to revitalize their living spaces both indoors and outdoors this season, Lowe's is offering value, quality and convenience through a new rewarding shopping experience, making it the ultimate DIY We aim to become a destination for the world,” the magazine said. “With MyLowe's Rewards available just in time for spring, Lowe's is giving homeowners even more reasons to choose their Lowe's for their home improvement wants and needs this season and beyond. Masu.”
Lowe's ranks 12th in the rankings. top 1000, Digital Commerce 360 is a database of North America's leading online retailers. This retailer is also his third largest retailer in the world. hardware and home improvements Category.
lowes spring sale
The company is holding its annual SpringFest sale starting in 2021. This year it will be held from April 4th to May 1st and will feature sales on appliances, power tools, lawn care and other categories. Lowe's has also introduced some early sneak peak sales ahead of the sale's official start to commemorate rising temperatures in some parts of the country.
The first and second quarters typically include Lowe's busiest seasons, according to its 2022 and 2023 financial reports. These quarters include the seasons when consumers purchase outdoor and gardening equipment that is included in sales.
of Building and garden supplies categories Sales are on the rise, based on data from the National Retail Federation (NRF) and CNBC's Retail Monitor. Category sales in February increased by 2.84% compared to the same month last year and by 0.01% compared to January.
Mylow's Reward
Lowe's is expanding its rewards program across the United States this spring. The free program is aimed at DIY customers. Members can earn rewards such as MyLowe's Money when they meet certain spending goals. You'll also have access to exclusive deals and free gifts in May.
To further encourage DIY customers to use Lowe's for their home projects, the retailer will host free DIY workshops every Saturday in April. Laws said they will cover topics such as building raised flower beds and planting gardens.
“We're thrilled to be partnering with Lowe's to create a brand-new brand,” said Jen Wilson, senior vice president of enterprise brands at Lowe's. “The knowledge of our Red Vest Associates, combined with exclusive and personalized offers for MyLowe's Rewards members, and ongoing opportunities to save on spring projects, make Lowe's a trusted partner for homeowners around the world. It shows why we keep going,” he said in a statement about marketing. “Lowe's is a must-stop for homeowners every spring, and with our improved selection and value, we continue to demonstrate unparalleled recognition and understanding for our customers.”
Lowe's financial results
Lowe's reported no change in comparable online sales for the fiscal fourth quarter ended Feb. 2. Total revenue for the quarter fell 17% to $18.6 billion from $22.45 billion in the fourth quarter of 2022.
Meanwhile, comparable sales fell 6.2% in the quarter due to slower demand from DIY customers and the impact of winter weather, Lowe's said. Net income for the quarter was $1.02 billion, up from $957 million in the year-ago period.
“Despite continued declines in DIY spending, we delivered strong operating income and improved customer satisfaction in the quarter,” CEO Marvin Ellison said in a statement. “We remain confident in the long-term strength of the home improvement market and are making appropriate investments in our total home strategy to gain share.”
Total sales for the full year decreased 11% to $86.38 billion from $97.06 billion in 2022. However, net income increased from $6.44 billion in 2022 to $7.73 billion in 2023.
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