It significantly enhances Lowe's offering to Pro customers in the building materials sector, and serves as an answer to Home Depot's 2024 acquisition of SRS Distribution.
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It's just the latest building materials distribution megadeal and essentially is Lowe's answer to rival Home Depot buying SRS Distribution in 2024.
Lowe's is set to acquire Artisan Design Group, which provides design, distribution and installation services for a range of products and services, including flooring, cabinets and countertops.
A pull-back in DIY spending, flat Pro customer sales and unfavorable January winter weather impacted Lowe's comparable sales numbers.
Based on lower-than-expected DIY sales, partially offset by positive Pro customer comp sales, Lowe's updated its outlook for the year.
Lowe's reported net earnings of $2.7 billion and diluted EPS of $4.56 for the second quarter, compared to diluted EPS of $4.67 in 2Q 2022.
Lowe's says the new option will improve customers' omnichannel experience, with fast and convenient delivery in 'a matter of hours.'
Lowe's has named Quonta Vance as Executive Vice President of two of the company's key growth areas: Pro and Home Services.
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Despite a decline in sales, Lowe's saw its earnings increase thanks to the February sale of its Canadian retail unit.
Pros can use the Lowe's MVPs Business Tools to 'simplify their resupply process with easy order placement and tracking,' the company said.
The announcement is part of Lowe's goal of reaching 50% renewable energy for its facilities by 2030, the company said.
The in-person event on June 13 also will feature networking opportunities, a supplier fair and educational breakout sessions, Lowe's says.
The retailer says the strategy will help it distribute its inventory more efficiently, according to a Wall Street Journal report.
Lowe's reported that 4Q sales increased slightly year-over-year but decreased sequentially from 3Q 2022.
Klein Tools products will be available in Lowe's stores and on Lowes.com in the second half of 2023, according to an announcement.
The deal — originally announced in November 2022 — allows for the unit to go forward operating as RONA Inc.
Lowe's also committed to decreasing its scope 1 and scope 2 emissions by 40% and reducing scope 3 emissions by 22.5% by 2030.
The company reported that year-over-year 3Q sales increased, but earnings dipped slightly from 2022's second quarter.
For a purchase price of $400 million, the transaction is expected to close in early 2023.
