{"id":12911,"date":"2023-05-24T00:38:57","date_gmt":"2023-05-24T04:38:57","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/heres-how-lowes-wants-to-target-rural-customers\/"},"modified":"2023-05-24T00:38:58","modified_gmt":"2023-05-24T04:38:58","slug":"heres-how-lowes-wants-to-target-rural-customers","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=12911","title":{"rendered":"Here\u2019s how Lowe\u2019s wants to target rural customers"},"content":{"rendered":"
\n

Lowe\u2019s Cos.\u00a0is ramping up its efforts to get specific products into the hands of customers in rural areas.<\/p>\n

The home-improvement retailer, whose first fiscal quarter beat analysts\u2019 consensus forecast Tuesday, wants to make it easier for rural customers to purchase an array of products in one place.<\/p>\n

\n

\u201cToday I\u2019m excited to announce we\u2019re now scaling our rural\u00a0framework to as many as 300 additional stores by year-end, with a wider offering of farm, ranch and outdoor products that positions Lowe\u2019s as a one-stop-shop, to make it convenient for rural\u00a0customers to get what they need in one shopping trip,\u201d said Bill Boltz, Lowe\u2019s executive vice president of merchandising, during a conference call to discuss the results. The rural format includes broader product offerings in categories such as pet, livestock, trailers, fencing, utility vehicles, specialized hardware and Carhartt apparel, according to Boltz.<\/p>\n

Customers in rural areas have told Lowe\u2019s
\n LOW,
\n +1.72%<\/bg-quote>
\n that they want these products, according to the company\u2019s CEO. Marvin Ellison. \u201cAs we survey those customers, they give us a list of things they wish they could purchase in one shopping occasion and some of those types of things like Carhartt, apparel, farm and ranch types of items, and categories is part of our expansion opportunity and we think by doing those types of initiatives we\u2019re going to see sales per square foot actually improve,\u201d he said, during the conference call.<\/p>\n

Related:<\/strong> Lowe\u2019s stock bounces back, as U.S. same-store sales beat rival Home Depot for first time in more than 2 years<\/p>\n

Lowe\u2019s operates over 1,700 home improvement stores in the U.S.<\/p>\n

The company\u2019s stock rose 1.7% Tuesday, compared with the S&P 500 index\u2019s
\n SPX,
\n -1.12%<\/bg-quote>
\n decline of 1.1%.<\/p>\n

Like many retailers this earnings season, Lowe\u2019s saw first-quarter discretionary spending pressure. The company\u2019s comparable sales decreased 4.3%, driven by lumber deflation, unfavorable weather and lower DIY discretionary sales. \u201cDIY sales were pressured by the late spring and lower-than-expected discretionary demand, although we are encouraged to see better trends in periods of favorable weather,\u201d said Ellison during the first-quarter conference call. \u201cA late start to spring disproportionately impacts do-it-yourself customers who represent 75% of our business given many seasonal categories are heavily concentrated in DIY.\u201d<\/p>\n

The company is expecting a pullback in discretionary spending over the near team, according to the CEO. \u201cWhat we can say is that the overall structural drivers for home improvement remain really strong, and so we are bullish to the medium and long-term health of this business,\u201d he said. \u201cThings like the savings rate of consumers, and you\u2019re looking at pent-up demand in the housing shortage, the age of homes, I mean all of these things are still incredibly relevant.\u201d<\/p>\n

Related:<\/strong> Home buyers will now be able to put down as little as 1% on their home, Rocket Mortgage says<\/p>\n

Lowe\u2019s stock has risen 3.9% in 2023, compared with the S&P 500 index\u2019s gain of 8.1%.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Lowe\u2019s Cos.\u00a0is ramping up its efforts to get specific products into the hands of customers in rural areas. The home-improvement retailer, whose first fiscal quarter beat analysts\u2019 consensus forecast Tuesday, wants to make it easier for rural customers to purchase an array of products in one place. \u201cToday I\u2019m excited to announce we\u2019re now scaling […]<\/p>\n","protected":false},"author":1,"featured_media":12912,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-12911","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nHere\u2019s how Lowe\u2019s wants to target rural customers | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Lowe\u2019s Cos.\u00a0is ramping up its efforts to get specific products into the hands of customers in rural areas. 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