Lowe's Reports Outstanding Fiscal Q2 Results as Consumers Turn to Home Improvement
This morning, Lowe's Companies (NYSE: LOW) reported some notable profits for the fiscal second quarter of 2020, which ended on July 31. It beat analyst consensus expectations in two important metrics: Adjusted earnings per share (EPS) exceeded average predictions of $2.95 by $0.80, coming in at $3.75, while revenue surpassed forecasts by more than $3 billion, amounting to $27.3 billion for the quarter.
Quarterly figures also rocketed ahead of Q2 2019 results by double-digit percentages. Comparable sales rose 34.2% year over year overall, with the U.S. home improvement business sector jumping 35.1%. While American sales performance was the best, even the least active markets saw comparable sales increase at least 20% according to Lowe's.
In his remarks on the results, president and CEO Marvin Ellison stated the positive results were "driven by a consumer focus on the home, core repair and maintenance activities, and wallet share shift away from other discretionary spending." His observation meshes with other news indicating the COVID-19 pandemic and its associated lockdowns, quarantines, and furloughs has strongly boosted home improvement activity among consumers.
Source Fool.com
