Storch Advisors CEO and former Toys ‘R’ Us Chairman and CEO Gerald Storch discusses the winners and losers in retail amid the coronavirus outbreak and violent protests across the U.S.
Lowe’s Companies, Inc. sales soared 30% in the three months through June as more customers shopped from the comfort of their own home while hunkered down during the COVID-19 pandemic.
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The Mooresville, N.C.-based home-improvement chain reported second-quarter revenue of $27.3 billion as e-commerce sales spiked 135% from a year ago. Net earnings were $2.8 billion, or an adjusted $3.75 per share.
The results outpaced the $24.27 billion of sales and adjusted earnings of $2.95 per share that Wall Street analysts surveyed by Refintiv were expecting.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| LOW | LOWE’S COMPANIES INC. | 157.91 | -0.50 | -0.32% |
“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%,” Lowe’s CEO Marvin Ellison said in a statement. “Sales were driven by a consumer focus on the home, core repair and maintenance activities, and wallet share shift away from other discretionary spending.”
Lowe’s withdrew its 2020 financial guidance in May due to the uncertainty caused by COVID-19. The company did not provide an updated forecast.
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Shares were up 32% this year through Tuesday, outpeforming the S&P 500’s 4.92% gain.
