Lowe’s Companies Inc. sales soared 30% in the three months through June as customers hunkered down at home during the COVID-19 pandemic decided to spruce up their houses and went online to buy tools and materials.
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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 when excluding the impact of restructuring its business in Canada
The results outpaced the $24.3 billion of sales and adjusted earnings of $2.95 per share that Wall Street analysts surveyed by Refinitiv were expecting.
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“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 CEO Marvin Ellison said in a statement.
All merchandising divisions posted comparable sales growth of more than 20% and all U.S. geographic regions delivered comparable sales growth of at least 30%.
The company's U.S. home improvement business saw sales at stores open at least a year spike 35.1% versus last year.
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.
Shares were up 32% this year through Tuesday, outperforming the S&P 500's 4.92% gain.