Lowe's CEO Marvin Ellison discussed his company's plans to expand its offerings in rural areas with CNBC's Jim Cramer on Tuesday.
"I grew up in a town of less than 10,000 people with two stop lights, and I lived 12 miles in the country from the 10,000 people, so I understand the rural experience really well, and this is passion project for me," Ellison said. "Our goal is to give these customers a one-stop shopping experience."
Ellison said he heard from customers in rural areas that they sometimes had to travel to multiple locations to find products they needed, especially related to pets and livestock. In late July, Lowe's announced it was expanding its store-in-store pilot program with Petco, aiming to give customers easier access to pet supplies.
Ellison said Lowe's has outfitted around 300 stores with a new rural merchandising concept, which includes making Carhartt products more available along with Petco goods.
"We have the unique ability to execute both urban and rural and do it in a way when a customer walks in, it feels like their hometown store," Ellison said.
The company reported its second-quarter earnings Tuesday morning, coming in at $4.56 per share, topping Wall Street estimates of $4.49, according to Refinitiv.
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