Lowe’s Gains on Changes to App

Months before the coronavirus pandemic began, Lowe’s (NYSE:LOW) ordered merchandise for the holiday season. It decided to carry items that shoppers might not expect in its stores or on its website: exercise equipment, bamboo bedding, air fryers, movie projectors and battery-powered scooters.

The home improvement retailer said Tuesday that it will kick off its holiday deals later this week. It revealed its broader mix of merchandise, aimed at making home feel cozy, festive and fun during a celebratory season disrupted by a pandemic and recession.

Among the changes this holiday season, Lowe’s will offer free delivery of fresh Christmas trees and wreaths that are $45 or more, a service its rival, Home Depot, has, too.

Customers can chat with an online gift advisor when they’re trying to pick what to buy or have a question, but don’t want to go to the store. Home professionals, such as contractors and plumbers, can take advantage of deals throughout November, as part of an event dubbed “PROvember.” Like other retailers, Lowe’s is stretching out its holiday sales and putting more of its deals online rather than having limited-time offers that draw congestion.

Lowe’s was in the midst of a turnaround effort, led by CEO Marvin Ellison, when the pandemic struck. Stay-at-home trends have complemented its strategic investments.

As of Monday’s close, Lowe’s shares have risen 46% year to date to $175.13. The gains bring its market value to $132.4 billion. In the past week, Lowe’s stock hit a 52-week high of $180.67.

Those shares started Tuesday on the upside, picking up $2.02, or 1.2%, to $176.55.