Home improvement was one of the few categories that boomed during the coronavirus pandemic as consumers spent more time at home. Lowe’s (NYSE:LOW) was one of the big winners in the segment, outdoing rival Home Depot (NYSE:HD) with a 30% sales increase and a 35% rise in U.S. comps in the second quarter ended July 31.
Digital played an important role in bolstering the company’s revenue, growing 135% in the second quarter and rounding out a strong omnichannel program. Adjusted earnings per share increased to $3.75, which includes $460 million the company paid out to employees due to the pandemic. Lowe’s stock has moved accordingly, gaining 37% year to date as of Tuesday morning.
CEO Marvin Ellison said in a conference call that over the past 18 months, the company has been highly focused on executing its “retail fundamental” strategy, which improved the business infrastructure and positioned