LOW - Lowe's Companies Inc. (LOW) Oppenheimer's 24th Annual Consumer Growth and E-Commerce Conference
2024-06-26 11:57:08 ET
Lowe's Companies, Inc. (LOW)
Oppenheimer's 24th Annual Consumer Growth and E-Commerce Conference
June 26, 2024 9:00 AM ET
Company Participants
Brandon Sink - Chief Financial Officer
Kate Pearlman - Investor Relations
Marvin Ellison - Chief Executive Officer
Conference Call Participants
Brian Nagel - Oppenheimer
Presentation
Brian Nagel
Well, good morning. Thank you all for joining us today. So my name is Brian Nagel, I work at Oppenheimer as our consumer growth and e-commerce analyst. So this meeting with Lowe's very much represents a continuation of our 24th Annual Oppenheimer Consumer Growth and E-commerce Conference. So again, we appreciate you all for taking the time to dial in and I'm very pleased to have with us the Senior Leadership team of Lowe's, CEO Marvin Ellison; CFO Brandon Sink; and Investor Relations, Kate Pearlman. So team Lowe's, thank you very much for joining us.
Brandon Sink
Thank you for having us, Brian.
Kate Pearlman
Thanks, Brian.
Question-and-Answer Session
Q - Brian Nagel
Really appreciate it. So we're going to structure this as a fireside chat between with me and Lowe's, me asking questions, Lowe's answering these questions. To the extent there are questions from the audience to send them through the chat, and I'll be happy to work them into our conversation.
But I thought, before we jump into the specifics of Lowe's, one of the key questions I've been asking companies at our conference is just maybe to give their assessment of the health of the U.S. Consumer. Lowe's being an extraordinarily well-run company and leading the home improvement chain, I think, has a very good understanding of consumer spending, insight into consumer spending. So maybe we can start there before we jump into more specific questions on Lowe's.
Marvin Ellison
Okay. So, Brian, always a pleasure to be with you. So I'll start out, and I think the best way to discuss the consumer for us is in terms of our DIY Do-It-Yourself and our Pro customers. So let me start with the DIY consumer. This consumer remains very cautious, specifically when you think about larger ticket discretionary purchases. And the segment and the sentiment for the DIY consumer remains a bit weak, influenced by things like persistent inflation. While we see the more affluent DIY consumer, they're still spending on services and experiences, and that's still a result of being pinned up during the pandemic. People are getting out and they want to experience things again....
Lowe's Companies, Inc. (LOW) Oppenheimer's 24th Annual Consumer Growth and E-Commerce Conference