Lowe's Cos Inc reported its biggest rise in quarterly same-store sales in at least 15 years on Wednesday, as people spent more on tools and paint for do-it-yourself projects and home repairs during the coronanvirus lockdowns.
) reported its biggest rise in quarterly same-store sales in at least 15 years on Wednesday, as people spent more on tools and paint for do-it-yourself projects and home repairs during the coronanvirus lockdowns.
The home improvement chain also handily beat quarterly profit estimates, sending its shares up 7% premarket, a day after larger rival Home Depot Inc’s <HD.N first-quarter earnings disappointed. Online sales for Lowe’s surged 80% in the quarter, after the company limited operating hours and implemented social distancing measures at its stores to minimize the risk of the virus spreading.
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