Lowe's Cos. (LOW) Tops Q2 EPS by 80c, Revenues Beat; U.S. Comp. Sales Up 35.1%, Online Sales Up 135%
Lowe's Cos. (NYSE: LOW) reported Q2 EPS of $3.75, $0.80 better than the analyst estimate of $2.95. Revenue for the quarter came in at $27.3 billion versus the consensus estimate of $24.27 billion.
U.S. Comparable Sales Increased 35.1%
Diluted EPS Increased 75% to $3.74; Adjusted Diluted EPS Increased 74% to $3.75(1)
Lowes.com Sales Increased 135%
Company Invests $460 Million in Second Quarter to Support Associates and Communities in Response to COVID-19
"Our highest priority has always been protecting the health and safety of our associates and customers through a safe store environment and shopping experience. We are incredibly proud of our associates, and we are grateful for their hard work and ongoing commitment to safety," commented Marvin R. Ellison, Lowe's president and CEO.
"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%. Sales were driven by a consumer focus on the home, core repair and maintenance activities, and wallet share shift away from other discretionary spending. Through our retail fundamentals strategy, we have dramatically improved our technology and operational platforms, which enabled us to meet customer demand and grow our business. Looking ahead, our sales momentum continues into August, and we are investing in the business to further our omnichannel capabilities and position the Company to deliver long-term value to associates, customers and shareholders," added Mr. Ellison.
Lowe's Business Outlook
On May 20, 2020, the Company withdrew its financial guidance for fiscal year 2020 due to limited visibility into future business trends in this unprecedented operating environment, which results in an unusually wide range of potential outcomes for 2020 financial performance.
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