Q1 2025 Lowe's Companies Inc Earnings Call Transcript
Key Points
- Lowe's Companies Inc (LOW) achieved sales of $20.9 billion in the first quarter, with comparable sales down 1.7%, aligning with expectations.
- The company received recognition from J.D. Power for being number one in customer satisfaction among home improvement retailers.
- Lowe's Companies Inc (LOW) reported mid-single-digit growth in Pro sales, highlighting the success of their Pro product and service offerings.
- Online sales increased by 6% in the first quarter, driven by improvements in traffic and conversion rates.
- The acquisition of Artisan Design Group is expected to enhance Pro planned spend and position Lowe's Companies Inc (LOW) to gain share in a $50 billion market.
- Comparable sales were down 1.7%, reflecting ongoing pressure in DIY bigger ticket discretionary demand.
- The company faced a slower start to spring due to exceptionally unfavorable weather across much of the country in February.
- There is ongoing pressure in DIY discretionary project demand, impacting overall sales performance.
- SG&A expenses increased, de-levering 56 basis points due to lower sales volumes and higher healthcare-related costs.
- Lowe's Companies Inc (LOW) is experiencing challenges with bigger ticket project spend, particularly in interior categories like flooring and kitchens and bath.
Good morning, everyone, and welcome to Lowe's Companies first quarter 2025 earnings conference call. My name is Rob, and I'll be your operator for today's call. As a reminder, this conference is being recorded. I'll now turn the call over to Kate Pearlman, Vice President of Investor Relations and Treasurer.
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Thank you, and good morning. Here with me today are Marvin Ellison, Chairman and Chief Executive Officer; Bill Boltz, our Executive Vice President, Merchandising; Joe McFarland, our Executive Vice President, Stores; and Brandon Sink, our Executive Vice President and Chief Financial Officer.
I would like to remind you that our notice regarding forward-looking statements is included in our press release this morning, which can be found on Lowe's Investor Relations website.
During this call, we'll be making comments that are forward-looking, including our expectations for fiscal 2025. Actual results may
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