Lowe’s (LOW) Goldman Sachs Global Consumer and Retail Conference summary

Macro environment and growth outlook

• Expectation for the second half of the year to mirror the first, with no significant macro improvement or deterioration anticipated.

• Five consecutive quarters of positive comparable sales, driven by resilient DIY consumers and strong digital channel growth over 15% for two quarters.

• Homeowners are focusing on smaller, deliberate projects rather than large renovations due to elevated interest rates and economic uncertainty.

• Pro customers remain resilient, shifting to partial renovations when full projects are not feasible.

• Confident in ability to grow and take market share regardless of macro conditions.

Competitive landscape and market share

• Gaining share in key categories like appliances, supported by a unique same-day/next-day delivery network.

• Market is broader than a duopoly, with significant share taken from small regional players.

• Strong balance sheet enables investment in fulfillment and digital infrastructure, positioning for future housing recovery.

• Strategy aims for disproportionate growth when the housing market recovers.

Pricing, value, and loyalty

• Sophisticated pricing systems implemented, moving from manual processes to advanced architecture.

• Two distinct loyalty programs for DIY and pro customers enable targeted promotions and value.

• Recent promotional activity and price reductions seen as transitory, driven by tariff refunds.

• Expect pricing to remain stable in the second half of the year.