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Sales Rise for Home Depot, Lowe’s in Q1 2020

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.

Home Depot’s Q1 2020 Sales Climb 7%

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.

Lowe’s Q1 2020 Sales Rise 11%

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.

 

 

About Todd Taber

Todd Taber
Todd is an assistant editor for Hardware Retailing magazine. He graduated from Indiana University where he majored in journalism and French. Throughout his career, he has aimed to highlight small businesses and their community value. He joined NRHA in 2017 and now serves on the news and marketing teams. In his free time, he likes to run, spend time with family and travel the country.

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