DIY Projects Ramp up in Pandemic, And so do Sales at Lowe’s

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August 19, 2020

Comparable store sales in the U.S. surged 35.1% at Lowe’s and online orders more than doubled with Americans spending much more time at home during the pandemic.

The report comes one day after Home Depot reported similarly explosive sales.

Revenue for the three months ended July 31 climbed to $27.3 billion from $21 billion, the company said Wednesday, far better than the $24.85 billion analysts expected according to a survey by Zacks Investment Research.

Online sales soared 135%, while same-store sales, including those outside the U.S., rose 34.2%.

CEO Marvin Ellison said in a prepared statement that customers seemed mostly focused on repair and maintenance of their homes.

Lowe’s earned $2.83 billion, or $3.74 per share, in the quarter. Removing restructuring costs, earnings were $3.75 per share. That’s better than the $3.03 per share Wall Street expected.

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Shares of Lowe’s Companies Inc., based in Mooresville, North Carolina, climbed 2% before the market opened Wednesday.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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DIY Projects Ramp up in Pandemic, And so do Sales at Lowe’s

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