Lowe’s Companies, Inc. (NYSE:LOW) Q3 2022 Earnings Call Transcript

Marvin Ellison: Thank you for the question. We don’t give a lot of external information on number of new customers down to that level of specificity. But what I will tell you is that our new loyalty program is absolutely driving new Pro customers and it’s driving more return visits of existing customers, which is exactly what we wanted. And a key data point is this, when a Pro customer is enrolled in our pro rewards platform and credit, they shop 3x more. So, that is the key data point. And so in Joe’s scripted comments, he talked about the adoption rate and how it really comes down to our ability to engage the Pro and when we engage them and educate them, they tend to adopt the program. So I’ll let Joe provide a little bit more context on Pro, but we’re really pleased with the progress and equally pleased that we saw the DIY customer come back strong in third quarter than we’ve seen them all year.

Joe McFarland: Jonathan, and then just a couple of things to add. First off, our Pro team here at Lowe’s is just full of deep experience inside sales, outside sales, and they’ve done a really nice job. And so, we’re still in the early stages of the MVPs Pro program, but very, very pleased with the adoption that we’re seeing. So, we’ve spoken a little bit in the past about our Pro CRM platform. So, we have the ability to better anticipate Pro’s needs and drive sales. And then, this really does a nice job of what we call leveling the playing field so that every Pro is important and has the ability to earn points no matter what the size. And so things like purchase-based offers, them completing different actions to deepen their relationship with Lowe’s. And so, we’ll continue pressing forward here, but very pleased with the Pro progress.

Kate Pearlman: Thank you all for joining us today. We look forward to speaking with you at our Analyst and Investor Conference on December 7.

Operator: Thank you. This concludes the Lowe’s third quarter 2022 earnings call. You may now disconnect.