Lowe’s and The Home Depot both reported large sales and profit spikes in the second quarter of 2020, as home improvement projects flourished during the pandemic.
The Home Depot reported net earnings of $4.3 billion during the quarter, a 24.5% increase compared with the same period last year. The company had a 23.4% surge in sales during the quarter with $38.0 billion.
Lowe’s saw a 65% surge in net income during the quarter with $2.8 billion. Lowe’s reported a 30% sales increase compared with the second quarter of 2019, climbing to $27.3 billion.
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