Stanley Black & Decker has selected Mooresville-based Lowe’s to start selling its popular Craftsman brand, which it bought from Sears this year for $900 million.
Craftsman tools will be sold at Lowe’s stores and on its website in the second half of 2018, Lowe’s said. In an earnings call Tuesday, Stanley Black & Decker executives said details of the partnership, including timing and the types of Craftsman products to be sold, are still being worked out.
Selling Craftsman tools could provide a competitive boost for Lowe’s. The company’s larger rival, Atlanta-based Home Depot, has consistently outperformed Lowe’s, in large part because of its strong pro customer base, such as contractors, who tend to spend more than typical DIY customers.
How much of a sales boost the Craftsman brand could provide Lowe’s is to be determined. It’s too early to speculate on future sales or profit figures, Lowe’s spokeswoman Jackie Hartzell said.
“Lowe’s has always been committed to offering a wide selection of brands customers trust, and Craftsman strengthens our ability to deliver on customer expectations across many product categories,” Hartzell said.
Adding a well-known product line comes when Lowe’s has been experiencing stronger shopper traffic in its stores.
In the second quarter, same-store sales, an industry term that refers to sales at stores open for at least one year, rose 4.5 percent, stronger than Wall Street analysts had anticipated.