In the past month, Home Depot, Lowe’s and Tractor Supply have all announced their second-quarter 2020 financial results. For all companies, sales in this period coincided with massive disruptions caused by COVID-19. Even amid retail volatility, the second-quarter 2020 financial results of these big boxes show the home improvement sector is thriving.
Learn more about each company’s second quarter and read full articles about their financial performances using the links below.
Net sales: $38.1 billion
Net earnings: $4.3 billion
Key quote: “The investments we have made across the business have significantly increased our agility, allowing us to respond quickly to changes while continuing to promote a safe operating environment. This enhanced our team’s ability to work cross-functionally to better serve our customers and deliver record-breaking sales in the quarter,” says Craig Menear, chairman, CEO and president.
Notable achievements: The company also reports digital sales growth doubled in the second quarter and a record number of people downloaded Home Depot’s mobile app. Additionally, more than 60 percent of all online orders were picked up in store.
Net sales: $27.3 billion
Net earnings: $2.8 billion
Key quote: “We delivered very strong second quarter results, with all merchandising divisions posting comparable sales growth exceeding 20 percent and all U.S. geographic regions delivering comparable sales growth of at least 30 percent,” says Marvin Ellison, president and CEO of Lowe’s. “Sales were driven by a consumer focus on the home, core repair and maintenance activities, and wallet share shift away from other discretionary spending.”
Notable achievements: Lowe’s online transactions grew 135 percent in the second quarter. To date, the company has invested $560 million in financial support for its associates and $100 million in community pandemic relief, with a focus on minority and rural small businesses and health care workers, the company reports.
Tractor Supply Co.
Net sales: $3.2 billion
Net earnings: $338.7 million
Key quote: “In a highly dynamic environment, the Tractor Supply team delivered record results for the second quarter. At all levels, our team’s dedication to supporting each other and our customers is a true reflection of Tractor Supply’s mission and values in action,” says Hal Lawton, Tractor Supply’s president and CEO.
Notable achievements: Tractor Supply Co. saw triple-digit e-commerce sales growth during this quarter. Lawton also shared the company’s plans to transform side lots and mature stores to improve space productivity and deploy merchandising strategies.