Lowe’s Home Improvement posts huge revenue gains despite pandemic

Mooresville-based Lowe’s Home Improvement posted a huge surge in revenue for the second-quarter on Wednesday.  The company saw a more than 30-percent increase in sales which outpaced expectations.  



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According to a release from the company, sales for the second quarter were $27.3 billion compared to $21.0 billion in the second quarter of 2019.  Much of that boost can be attributed to home improvement projects taking place during the pandemic.  

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Online sales also saw incredible gains.  The retailer posted a 135-percent increase in sales, mostly driven by the fact that buyers made purchases online due to stay-at-home orders and concerns about the coronavirus. 

In addition to the revenue gains, the company said it also invested millions of dollars into communities, including Charlotte.  Lowe’s Inc., donated $460 million in support of frontline hourly associates, communities and store safety, according to a release from company headquarters.  

RELATED: Lowe’s donating $1 million worth of flower baskets to mothers isolated in senior housing facilities

Lowe’s also said it invested $560 million in Covid-related financial support for associates and $100 million in community pandemic relief, with a focus on minority and rural small businesses and health care workers. 

RELATED: Charlotte minority-owned businesses getting help from an unlikely source

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