Lowe’s released plans for its annual spring sale alongside its new loyalty program on March 21. The moves underscore a push to engage do-it-yourself (DIY) customers following slowed demand for DIY during the winter season.
Together, the two announcements will work in tandem to help homeowners work on projects and save money, the retailer said.
“Nearly two-thirds of homeowners remain locked in at mortgage rates below 4%, leading many to consider transforming their starter home into their forever home,” Lowe’s said in a statement.
“And as homeowners seek to revitalize their living spaces both inside and out this season, Lowe’s is setting itself up to become the ultimate DIY destination by providing value, quality and convenience through a new rewarding shopping experience,” it said. “With MyLowe’s Rewards available just in time for spring, Lowe’s is offering even more reasons for homeowners to choose Lowe’s for their home improvement wants and needs this season and beyond.”
Lowe’s ranks No. 12 in the Top 1000, Digital Commerce 360’s database of North America’s leading online retailers. The retailer is also the third-largest retailer in the Hardware & Home Improvement category.
Lowe’s spring sale
The retailer has held its annual SpringFest sale since 2021. This year, it runs from April 4 through May 1 with deals on appliances, power tools, lawn care, and other categories. Lowe’s also introduced some early Sneak Peek deals ahead of the official start to the sale to celebrate warm temperatures in some parts of the country.
Q1 and Q2 typically include the busiest season of the year for Lowe’s, according to financial reports from 2022 and 2023. Those quarters include the seasons when consumers are buying outdoor and gardening supplies, which are included in the sale.
The building and garden supply category is on an upward trajectory, based on data from the National Retail Federation (NRF) and CNBC’s Retail Monitor. In February, category sales were up 2.84% year over year, and 0.01% over January.
MyLowe’s Rewards
Lowe’s is also expanding its rewards program across the U.S. this spring. The free program is aimed at DIY customers. Members can earn rewards, like MyLowe’s Money for hitting certain spending targets. They’ll also get access to exclusive sales, and a free gift in May.
To further encourage DIY customers to use Lowe’s for home projects, the retailer is hosting free DIY workshops every Saturday in April. They will cover topics including building raised garden beds and planting a garden, Lowe’s said.
“The knowledge of our red vest associates paired with exclusive, personalized offers for MyLowe’s Rewards members and the ongoing opportunities to save on spring projects exemplifies why Lowe’s remains the trusted partner for homeowners everywhere,” said Jen Wilson, Lowe’s senior vice president of enterprise brand and marketing, in a statement. “Lowe’s is the homeowners’ go-to destination for all things spring, and with our elevated product assortment and value, we continue to demonstrate an unparalleled appreciation and understanding of our customers.”
Lowe’s financial results
Lowe’s reported no change in comparable online sales in its fiscal fourth quarter ended Feb. 2. Total sales declined 17% to $18.60 billion in the quarter, from $22.45 billion in Q4 2022.
Meanwhile, comparable sales declined 6.2% for the quarter due to slowing demand from DIY customers and impact from winter weather, Lowe’s said. Net earnings for the quarter were $1.02 billion, an increase from $957 million in the year-ago period.
“This quarter, we delivered strong operating profit and improved customer satisfaction, despite the continued pullback in DIY spending,” CEO Marvin Ellison said in a statement. “We remain confident in the long-term strength of the home improvement market, and we are making the right investments in our Total Home strategy to take share.”
Total sales declined 11% for the full year, to $86.38 billion from $97.06 billion in 2022. However, net earnings increased to $7.73 billion in 2023 from $6.44 billion in 2022.
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The post Lowe’s announces spring sale and rewards for DIY customers appeared first on Digital Commerce 360.
