Home improvement chain Lowe’s has announced its fourth-quarter and fiscal year 2020 financial results, revealing more than $89 billion in sales throughout a year marked by strong DIY spending.
In total, Lowe’s reports fourth-quarter net sales of $20.3 billion, up nearly 27 percent from the same period of 2019, but down from $22.3 billion seen in third-quarter sales for the company.
Net earnings stood at $978 million, up roughly 92 percent from the same period in 2019. Comparable U.S. store sales increased 28.6 percent during the fourth quarter, Lowe’s reports.
For fiscal year 2020, net sales rose more than 24 percent compared to 2019 levels. Net earnings stood at $5.8 billion, a 34.8 percent increase from fiscal year 2019.
Lowe’s notes that throughout 2020, the company donated more than $900 million in COVID-related support of frontline hourly associates.
“Strong execution enabled us to meet broad-based demand driven by the continued consumer focus on the home, with growth over 16 percent in all merchandising departments, over 19 percent across all U.S. regions and 121 percent on Lowes.com. Looking ahead to 2021, we expect to grow market share and drive further operating margin expansion,” says Marvin Ellison, Lowe’s president and CEO.
In January, Lowe’s detailed plans to hire roughly 50,000 workers for the spring selling season.