A massive surge in online sales and increased business at its U.S. stores helped push Lowe’s second-quarter performance above analysts’ estimates
By
MICHELLE CHAPMAN AP Business Writer
August 19, 2020, 11:01 AM
1 min read
Comparable store sales in the U.S. surged 35.1% at Lowe's and online orders more than doubled with Americans spending much more time at home during the pandemic.
The report comes one day after Home Depot reported similarly explosive sales.
Revenue for the three months ended July 31 climbed to $27.3 billion from $21 billion, the company said Wednesday, far better than the $24.85 billion analysts expected according to a survey by Zacks Investment Research.
Online sales soared 135%, while same-store sales, including those outside the U.S., rose 34.2%.
CEO Marvin Ellison said in a prepared statement that customers seemed mostly focused on repair and maintenance of their homes.
Lowe's earned $2.83 billion, or $3.74 per share, in the quarter. Removing restructuring costs, earnings were $3.75 per share. That's better than the $3.03 per share Wall Street expected.
Shares of Lowe's Companies Inc., based in Mooresville, North Carolina, climbed 2% before the market opened Wednesday.
