SAN FRANCISCO - DoorDash (NASDAQ: NASDAQ:DASH), a well-known delivery platform, has partnered with home improvement retailer Lowe's Companies, Inc. (NYSE: NYSE:LOW) to provide on-demand delivery services from over 1,700 Lowe’s stores across the United States.
This collaboration signifies DoorDash's entry into the home improvement sector and promises to enhance its current offerings, with the vast majority of DoorDash's U.S. customers now having access to a retailer through the platform.
Fuad Hannon, DoorDash's VP of New Verticals, expressed enthusiasm about the partnership, highlighting the timely access to a wide range of products, from gardening tools to spring cleaning essentials, that Lowe's will offer to DoorDash consumers. He emphasized the convenience for DIY enthusiasts needing quick access to tools and materials for their projects.
Lowe's aims to further its omnichannel strategy, and according to Neelima Sharma, senior vice president of digital commerce and technology at Lowe's, the partnership with DoorDash is a step towards meeting customers' needs for same-day delivery. The collaboration is also expected to attract new DIY customers shopping via the DoorDash app.
Customers can now order Lowe's products directly through the DoorDash app, with same-day delivery options. Additionally, Lowe's stores will be included in the DashPass program, which provides members with benefits like a $0 delivery fee and reduced service fees on eligible orders from various types of stores.
The partnership is part of DoorDash's broader market strategy, as the company now operates more than 150,000 non-restaurant stores globally through its Marketplaces and Platform Services. By the end of 2023, one in five monthly active DoorDash consumers had ordered from a non-restaurant category, and the service reportedly saved users an estimated 446 million hours throughout the year.
The information for this article is based on a press release statement from DoorDash.
InvestingPro Insights
In light of DoorDash's (NASDAQ: DASH) recent expansion into the home improvement sector through its partnership with Lowe's, investors are closely watching the company's financial health and market performance. According to InvestingPro data, DoorDash holds a market capitalization of 55.64 billion USD, which showcases its significant presence in the market. Despite a challenging P/E ratio of -97.62, reflecting investor concerns about profitability, the company's revenue has grown by 31.17% over the last twelve months as of Q4 2023, indicating a robust expansion in its business operations.
One InvestingPro Tip worth noting is that DoorDash is trading near its 52-week high, with the price at 96.08% of this peak, suggesting a strong market confidence in the stock. This is further supported by the impressive one-year price total return of 116.68%, highlighting the company's strong performance over the past year. Another InvestingPro Tip indicates that analysts predict the company will be profitable this year, which could be a turning point for DoorDash as it diversifies its services and enters new markets.
For investors seeking a deeper dive into DoorDash's financials and market predictions, InvestingPro offers additional insights. There are 13 more InvestingPro Tips available, which can provide a well-rounded view of the company's prospects. To explore these tips and benefit from the detailed analysis, investors can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro.
As DoorDash continues to innovate and capture new markets, these financial metrics and expert analyses will be crucial for investors to monitor the company's trajectory and make informed decisions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.