Ellison also described the company's Total Home strategy as a business booster in a turbulent retail environment.
"As anticipated during the quarter, we saw a decline in DIY demand versus last year, as many families transition back to pre-COVID purchase patterns and weekend mobility after Memorial Day," he said. "But because of the agility of our Total Home strategy, we were able to capitalize on Pro demand, driving the growth of 21% this quarter and 49% on a 2-year basis."
Lowe's saw impress growth in kitchen and bath, flooring, appliances and decor, even as these categories generated to 20% growth last year. These categories played a big part in the company's 17% increase in tickets over $500, the company said.
Lowe's for Pros
Sales to the pro customer outpaced sales to the DIY customer in the second quarter. Pro comps came in at 21% for the quarter, and they hit 49% on a two-year basis.
The company expects to see results from the recent upgrade of its Lowe's for Pros website and program to the cloud. "This important step in our Pro-business evolution enables enhanced features, faster updates, improved site stability and more personalized offers for the Pro," said Joe McFarland. "One new feature is rapid reorder, which enables our Pro customers to quickly reorder items they've frequently purchased through Lowe's."
Also during the second quarter earnings call, Ellison described the company's "intense focus" on the pro, which factored into last year's reset or U.S. stores. The reset led to a "more intuitive store layout for the pro, aligned across product adjacencies."
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The bottom line: Net income for the quarter ended July 30 was $3.018 billion, up 6.7% from the same quarter in 2020.
What the CEO said: “Our strong results this quarter demonstrate that our Total Home strategy is working, with U.S. sales comps up 32% on a two-year basis,” said Marvin Ellison, chairman, president and CEO.
For more information: The company’s financial news releases are contained here.