Covid-19 lets Lowe’s sales grow by a third

The Covid-19 pandemic had an effect on the sales curve at Lowe's which was significantly stronger than its competitors Home Depot. In the second quarter (ending 31 July 2020) of financial year 2020/2021, the DIY store chain - the number two in the USA and worldwide - increased its sales compared to the same period last year by 34.2 per cent and made sales of USD 27.302 bn (EUR 22.927 bn). Comparable sales for the US home improvement business increased 35.1 per cent. The company completed the first half of the year with sales to the amount of USD 46.977 bn (EUR 39.449 bn) and thus a plus of 21.3 per cent.
In its quarterly report, Lowe's too emphasises the financial cost involved in reacting to the pandemic. In the second quarter, the company invested USD 460 mio (EUR 386 mio) in the support of frontline hourly associates, communities and store safety, it says. Through the first half of 2020, Lowe's has invested USD 560 mio (EUR 470 mio) in Covid-related financial support for its associates and USD 100 mio (EUR 84 mio) in community pandemic relief, with a focus on minority and rural small businesses and health care workers. Additionally, the retailer's second quarter performance resulted in a record quarterly "Winning Together" profit-sharing bonus for its hourly associates at 100 per cent of its stores, which totalled USD 107 mio (EUR 90 mio).