Lowe’s Cos. second-quarter results got a bump from professional tradespeople, a group that usually favors the home improvement retailer’s main competitor, Home Depot Inc.
reported profit and sales that were well ahead of expectations, and U.S. same-store sales growth of 35.1%, triple the 11.9% rise FactSet forecast.
Comparable sales in the professional category were up in the mid-20% range.
Lowe’s is taking aim at professionals with new initiatives and efforts designed for these shoppers, including a partnership with Stream for a free augmented reality video chat service called JobSight. Launched on June 1, it allows professionals to meet with clients virtually, a feature that’s particularly suited to the coronavirus pandemic.
Read:Transactions of $1,000 or more grew 16% at Home Depot during the second quarter
For professional loyalty customers, there’s a free one-year subscription to Home Advisor that comes will job leads and access to