Lowe's CEO talks about expanding offerings at rural locations: ‘this is a passion project for me'

Lowe's CEO Marvin Ellison discusses the company's rural expansion with CNBC's Jim Cramer.

Lowe's CEO talks about expanding offerings at rural locations: ‘this is a passion project for me'

Jim Cramer, CNBC's Jim Cramer and Lowe's CEO Marvin Ellison spoke about the company's expansion into rural areas on Tuesday.

Ellison explained that he was passionate about the project because he grew up living in a rural town with less than 10,000 residents and two stoplights. "I understand the rural experience very well and this is a passion project for myself," explains Ellison. "Our goal is for these customers to have a one-stop shop experience."

Lowe's

CNBC's Marvin Ellison spoke with CEO Marvin Ellison about his plans to expand the company's offerings in rural areas.

Jim Cramer

Tuesday is the day.

Ellison explained that he was passionate about the project because he grew up living in a rural town with less than 10,000 residents and two stoplights. "I understand the rural experience very well and this is a passion project for myself," explains Ellison. "Our goal is for these customers to have a one-stop shop experience."

Ellison told him that customers in rural areas often had to visit multiple stores to get the products they wanted, particularly for pets and livestock. In late July, Lowe's

It was expanding its pilot store-in-store program.

Petco

The goal is to make pet supplies more accessible to customers. Ellison said that Lowe's had equipped around 300 stores with a rural merchandising idea, including making Carhartt merchandise more accessible along with Petco merchandise.

Ellison stated that "we have the unique capability to execute both rural and urban, and do it so when a client walks in it feels like their home store."

The company

reported

It is a good idea to use

Q2 earnings

Refinitiv reported that Tuesday morning's closing price of $4.56 per share was higher than Wall Street's estimate of $4.49.

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