surge

Lowe’s Q2 Earnings Surge on Solid Sales Amid COVID-19 Restrictions; Buy with Target Price $190

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.

“We are

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Reopenings Continue Despite Coronavirus Surge

Retail and food service sales rose 1.2% in July as store reopenings continued. However, the pickup was much less than the 8.4% rise in June. It was expected that June’s increase would slow as more businesses returned to normal operations, but the surge of the coronavirus in the South and West in July likely also contributed to the slowdown. The largest sales jumps were seen at electronics and appliances stores (+22.9%), miscellaneous (+6.2%), clothing (+5.7%) and restaurants (+5.0%). Both grocery stores and e-commerce sellers held onto their gains, each rising a small amount from an already elevated level. Although sales of cars and building materials declined in July, they remain at elevated levels as well.

Sales are near or above precrisis February levels for most store categories now. After consumers socked away more savings in recent months, they have cash to spend on big-ticket items such as cars and home

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Retail Sales Surge Again

Retail and food service sales surged for a second month, up 7.5% in June after an 18.2% jump in May, as many states came close to fully reopening their economies. The largest sales increases were seen in clothing (105%), electronics and appliances (37%), furniture (32%), sporting goods (27%), department-store sales (20%) and restaurant sales (20%). While the surge is real, the percentages are misleading because they are starting from a small base.

Sales rose above pre-crisis February levels for autos, building materials, groceries, sporting goods and e-commerce items. After socking away more savings in recent months, consumers have cash to spend on big-ticket items such as cars and home improvement projects. Consumers are spending more on goods right now than services, so almost all retail sales categories are benefitting. Folks who are staying home instead of going out are buying groceries and sporting goods equipment instead of going to

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Dutch May retail sales surge as lockdown fuels home improvement run

AMSTERDAM, June 30 (Reuters) – Retail sales in the Netherlands increased at the fastest rate in 14 years in May, as a partial lockdown continued to fuel a run on home improvement and interior design.

Turnover in Dutch stores was up 8.2% from the year before, the national statistics office said on Tuesday, offering a bright spot in what looks set to become the worst quarter on record for the Dutch economy.

Though stores stayed open with social distancing rules, cafes, restaurants and other public places in the Netherlands were shut from mid-March until June to contain the coronavirus, while people were urged to work from home as much as possible.

Confined to their homes, many seemed to find time for improvements, sending sales at do-it-yourself stores up 29% in May, after an already record-breaking 26% increase in April. Food stores and sellers of consumer electronics also reported double-digit sales

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