Lowe's Net Earnings Up 65% YOY in Q2 2020, Sales Up 30%
Mooresville, NC, August 19, 2020-Lowe’s has reported net earnings of $2.8 billion for Q2 2020, a 65% increase compared to net earnings of $1.7 billion in Q2 2019.
Sales for Q2 2020 were $27.3 billion, a 30% increase compared to $21.0 billion in Q2 2019.
Comparable sales increased 34.2%, and comparable sales for the U.S. home improvement business increased 35.1% for Q2.
“We delivered very strong second quarter results, with all merchandising divisions posting comparable sales growth exceeding 20% and all U.S. geographic regions delivering comparable sales growth of at least 30%. Sales were driven by a consumer focus on the home, core repair and maintenance activities, and wallet share shift away from other discretionary spending. 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. Looking ahead, our sales momentum continues into August, and we are investing in the business to further our omnichannel capabilities and position the Company to deliver long-term value to associates, customers and shareholders,” added Marvin R. Ellison, Lowe’s president and CEO.
As of July 31, 2020, Lowe’s operated 1,968 home improvement and hardware stores in the United States and Canada representing 208 million square feet of retail selling space.