The American home is experiencing a makeover during the Covid-19 pandemic, and home improvement giant Lowe’s is reaping the benefits.
Since the start of the pandemic, Lowe’s has had five consecutive quarters of double-digit revenue growth on a quarter-on-quarter basis. The end result of the company has also increased. On August 18, the company reported second-quarter profit of $ 3.02 billion, or $ 4.25 per share. This was up 6.7% year-on-year from $ 2.83 million.
“More than at any time in our lives, the home is being reinvented,” Lowe CEO Marvin Ellison said on Sept. 15, 2020. “The home is more versatile than ever, it’s a workspace since at home, it is a home education space and it is a predominant space for entertainment and recreation. “
But with consumer discretionary spending on entertainment and travel as Covid restrictions ease, will they be able to maintain their momentum at Lowe’s and rival Home Depot? And what about the DIY home improvement market once the pandemic subsides?
Watch the video to find out the following from Lowe’s.
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