Lowe's unveils 2025 Total Home Strategy, targets $1B in annual cost savings, affirms FY2024 outlook

LOWES COMPANIES INC

New five-pillar strategy: Pro penetration, online sales, home services, loyalty ecosystem, space productivity.
Plans 10-15 new stores per year and expands rural assortments to 150 additional stores (total ~500).
Launches first U.S. home improvement product marketplace and relaunches Pro loyalty as MyLowe's Pro Rewards in early 2025.
Expects ~$1B in annual cost savings from new Perpetual Productivity Improvement (PPI) initiatives.
Affirms full-year 2024 financial outlook; provides scenario planning for 2025 in uncertain macro environment.

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