Lowe’s Cos. Inc. (NYSE: LOW), Mooresville, North Carolina, on Wednesday reported revenue for the second quarter of $27.3 billion, up 30% from the year-ago quarter. Comparable sales increased 34.2%, and comparable sales for the U.S. home improvement business increased 35.1% for the second quarter.
The company reported profit of $2.8 billion and diluted earnings per share (EPS) of $3.74 for the quarter, up from a profit of $1.7 billion and diluted EPS of $2.14 in the second quarter of 2019.
In the second quarter, the company invested $460 million in support of frontline hourly associates, communities and store safety. Through the first half of 2020, Lowe’s has invested $560 million in COVID-related financial support for its associates and $100 million in community pandemic relief, with a focus on minority and rural small businesses and health care workers.
“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%,” said Marvin R. Ellison, Lowe’s president and CEO. “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.”