We describe here the performance and operational concept for the Low Resolution Spectrometer (LRS) of the mid-infrared instrument (MIRI) for the James Webb Space Telescope. The LRS will provide R∼100 slit and slitless spectroscopy from 5 to 12 micron, and its design is optimised for observations of compact sources, such as exoplanet host stars. We provide here an overview of the design of the LRS, and its performance as measured during extensive test campaigns, examining in particular the delivered image quality, dispersion, and resolving power, as well as spectrophotometric performance. The instrument also includes a slitless spectroscopy mode, which is optimally suited for transit spectroscopy of exoplanet atmospheres. We provide an overview of the operational procedures and the differences ahead of the JWST launch in 2018