The Home Depot reported net earnings of $3.4 billion in the third quarter of 2020, up 23.9% compared with the same period last year.
Lowe’s reported net earnings of $692 million, down from $1.0 billion during the same period last year.
Both retail giants reported net sales increases compared with the third quarter of 2019: Home Depot reported a 23.2% jump to $33.5 billion and Lowe’s reported a 28.3% surge to $22.3 billion.
Lowe’s invested $100 million during the quarter to reset the layout of its U.S. stores and make them easier to shop in, President and CEO Marvin Ellison said in a statement. The company also saw a 106% increase in its online sales during the quarter.
“I remain confident that we are making the right strategic investments to deliver sustainable, long-term growth,” Ellison added.
Home Depot credited its growth to a continuation of “outsized demand for home improvement projects.”
"Our ability to effectively adapt to this high-demand environment is a testament to both the investments we have made in the business as well as our associates' focus on customers,” Chairman and CEO Craig Menear stated.
