Lowe’s Companies Inc, a home improvement retailer that distributes building materials and supplies through stores in the United States, said its net earnings surged more than 70% and total net sales jumped over 30% in the second quarter as consumers ordered more home improvement products amid COVID-19 restrictions.
The home improvement retailer reported net earnings of $2.8 billion and diluted earnings per share (EPS) of $3.74 for the quarter ended July 31, 2020, compared to net earnings of $1.7 billion and diluted EPS of $2.14 a year earlier. Second-quarter adjusted diluted EPS of $3.75 was 74% higher than adjusted diluted EPS of $2.15 same period last year.
Lowe’s said its sales for the second quarter were $27.3 billion, up from $21.0 billion in the second quarter of 2019, and comparable sales increased 34.2%. Comparable sales for the U.S. home improvement business increased 35.1% during the period.