Home improvement chain Lowe’s achieved $27.3 billion in second-quarter 2020 sales, up 30 percent from the same period in 2019, the company reports.
Lowe’s net earnings for the quarter were $2.8 billion, a 64 percent increase sales in the same period of 2019. Compared to the first quarter of 2020, Lowe’s net sales grew 38.6 percent and net earnings rose 115 percent.
“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.”
Lowe’s reports more than 40 percent of its ticket sizes during this quarter were between $50 and $500. The company’s online transactions grew 135 percent in the second quarter.
“Through our retail fundamentals strategy, we have dramatically improved our technology and operational platforms, which enabled us to meet customer demand and grow our business,” Ellison says.
Since the COVID-19 pandemic began, Lowe’s 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.
As of July 31, Lowe’s operates 1,968 home improvement and hardware stores in the U.S. and Canada, totaling 208 million square feet of retail selling space.
In July, Ellison participated in the National Retail Federation’s Retail Leadership webinar series, where he discussed the company’s commitment to keeping employees safe amid COVID-19 and plans to hire 100,000 seasonal associates.
In August, Lowe’s was the subject of Hardware Retailing’s annual 360-degree analysis. Review the company’s history, major strengths and weaknesses and analysis of where it can go next by reading the Lowe’s 360-degree report.