Big-box home improvement retailers Home Depot and Lowe’s announced their first-quarter 2020 financial results this week. For both retailers, sales rose over the same period in 2019. Explore how each company fared in the first quarter of 2020 and learn the impact COVID-19 had on their bottom lines.
Big-box home improvement retailer Home Depot announced first-quarter 2020 sales of $28.3 billion, representing a 7.1 percent increase from the same period in 2019, according to the company.
“As the COVID-19 pandemic evolved, we anchored to the core values of our company by focusing on two key priorities: working to ensure the safety and well-being of our associates and customers, and providing our customers and communities with essential products. We took early and decisive action to intentionally limit customer traffic in our stores which we believe had a significant impact to sales in many markets,” says Craig Menear, chairman, CEO, and president.
Big-box home improvement chain Lowe’s has announced net sales of $19.7 billion in the first quarter of 2020, an 11.3 percent increase over the same period in 2019.
“In late February, we shifted our priorities in response to the COVID-19 pandemic, and immediately focused on how best to serve the needs of our communities during this unprecedented time. Our highest priority remains the health and safety of our associates and community, and we have demonstrated that commitment in the first quarter through an investment of $340 million, including support for healthcare workers and first responders,” says Marvin Ellison, Lowe’s president and CEO.