(Reuters) – Lowe’s Cos Inc (LOW.N) blew past analysts’ estimates for quarterly sales and profit on Wednesday as it benefited from a surge in demand for paint, tools and barbecue grills from consumers stuck at home due to the COVID-19 pandemic.
The company also posted a 34.2% rise in quarterly same-store sales, beating analysts’ estimates for a 13.2% increase, and said the sales momentum was carrying into August, although it would likely taper off in later months.
With a large base of do-it-yourself customers, Lowe’s has been among the chief beneficiaries of people undertaking minor home repair, painting or gardening work during the crisis.
That helped the company’s same-store sales far outpace those of larger rival Home Depot Inc (HD.N), which relies more on demand from handymen and professional contractors, whose businesses have only recently started to pick up.
Wedbush Securities analysts estimate that nearly 75%