Storch Advisors CEO and former Toys ‘R’ Us Chairman and CEO Gerald Storch discusses the winners and losers in retail amid the outbreak of coronavirus and violent protests in the US
The turnover of Lowe’s Companies, Inc. rose 30% in the three months through June, as more customers bought from the comfort of their own home while going under during the COVID-19 pandemic.
The Mooresville, NC-based home improvement chain reported revenue in the second quarter of $ 27.3 billion when e-commerce sales increased 135% from a year ago. Net income was $ 2.8 billion, or an adjusted $ 3.75 per share.
The results outpaced the $ 24.27 billion in sales and adjusted earnings of $ 2.95 per share that Wall Street analysts surveyed by Refintiv expected.
| Ticker | Security | Last | Change | Change% |
|---|---|---|---|---|
| LEECH | LOWE’S COMPANIES INC. | 157.91 | -0.50 | -0.32% |
“We delivered very strong second-quarter results, with all merchandising divisions delivering similar sales growth of more than 20% and all U.S. geographic regions delivering similar sales growth of at least 30%,” said Lowe’s CEO Marvin Ellison in a statement. “Sales were driven by a consumer focus on the home, core repair and maintenance activities, and wallet share shifted away from other discretionary expenditures.”
Lowe’s withdrew its financial guidance in May 2020 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, pushing up S&P 500s’ gain of 4.92%.
