"We're not going to give it away this year," Lowe's president and CEO Marvin Ellison said on the company's third-quarter earnings call Wednesday. He added the home-improvement retailer last year offered a lot of site-wide promotions that "gave a lot of value to the customers," but "little value to the shareholders and to the company from a profit perspective."
During Black Friday 2018, Lowe's offered up to 40 percent off select appliances and up to $600 in gift cards via rebate with the purchase of two or more major appliances costing $396 or more. There were also deals for a number of top-rated appliances, tools and decor.
This year, Lowe's is planning Black Friday and Cyber Monday offerings which include select buy-one-get-one-free deals for DeWalt, Cobalt, Bosch and Craftsman, and the opportunity to receive a gift card when buying at least two major appliances.
Lowe's will also leverage its partnership with the NFL by offering the first 300 in-store customers at every U.S. location on Black Friday the opportunity to win two tickets to Super Bowl 54 in Miami.
On Wednesday, Lowe's reported a third-quarter profit of $1 billion, or an adjusted $1.41 a share, topping Wall Street estimates of $1.35 a share. While companywide revenue of $17.5 billion trailed projections of $17.6 billion, comparable sales rose 2.2 percent overall and 3 percent at the company’s U.S. home-improvement business.
Lowe's shares rallied on the news. They're up 22.8 percent this year while the S&P 500 has gained 24.3 percent.