Lowe’s Firms, Inc. (LOW) Morgan Stanley World Client & Retail Convention 2025 December 2, 2025 8:45 AM EST
Firm Members
Marvin Ellison – President, CEO & Chairman
Convention Name Members
Simeon Gutman – Morgan Stanley, Analysis Division
Presentation
Simeon Gutman
Morgan Stanley, Analysis Division
Okay. Hello, everybody. I am Simeon Gutman, Morgan Stanley’s hardline and meals retail analyst. Welcome to day 1 of our World Client and Retail Convention. I am happy to be joined by Lowe’s, represented by Marvin Ellison, Chairman, President and CEO. First, fast disclosure, after which I will sit down. For essential disclosures, please see the Morgan Stanley analysis disclosure web site at www.morganstanley.com/researchdisclosures. If in case you have any questions, please attain out to your Morgan Stanley gross sales consultant.
Query-and-Reply Session
Simeon Gutman
Morgan Stanley, Analysis Division
Fast intro, one query, and I am going to sit. Lowe’s has been among the best transformation tales in retail over nearly a decade, not fairly but from, I’d name a triaging operational execution, monetary execution to being one of many higher operators throughout all of retail. And now we’re watching the start of a strategic pivot, slight pivot and watching that in motion. So it has been a pleasure to do this. Thanks for being right here because the architect, Marvin. First query, trying again at 2025, the housing backdrop has been extra stagnant than we and the market anticipated. How has the backdrop in comparison with your expectations as you got here into the 12 months?
Marvin Ellison
President, CEO & Chairman
Effectively, first, nice to be right here this morning. Simeon, I’d say, truthfully, 2025 has performed out mainly the way in which we forecasted it once we have been trying ahead in 2024. We imagine that 2025 from a macro perspective would look so much like 2024. Nonetheless, we’re a bit stunned that mortgage charges stay as elevated as they’re within the