Lowe’s and The Home Depot, two of the largest home improvement retail chains in the U.S., both reported sales increases during the pandemic-impacted first quarter of 2020.
Home Depot reported a sales uptick of 7.1% compared with the same period last year, rising to $28.3 billion. Lowe’s reported an 11.2% sales jump during the quarter, growing to $19.7 billion.
Home Depot had a 10.7% decline in net earnings compared with the first quarter of 2019, dropping from $2.5 billion to $2.2 billion, while Lowe’s net earnings increased 27.8% from $1.0 billion to $1.3 billion during the quarter. Lowe’s reported its online sales surged 80% during the quarter.
Both companies reduced store hours during the crisis and implemented social distancing policies for employees.
