The American home is undergoing a makeover during the Covid-19 pandemic, and home improvement giant Lowe’s is reaping the benefits from it.
Since the start of the pandemic, Lowe’s has five straight quarters of double-digit revenue growth on a quarter-over-quarter basis. The company’s bottom line has also gotten a boost. On Aug. 18, the company reported a second-quarter profit of $3.02 billion, or $4.25 per share. That’s up 6.7% on a year-over-year basis from $2.83 billion.
“More so than anytime in our life the home is being reimagined,” Lowe’s CEO Marvin Ellison said September 15, 2020. “The home is multi-purpose more so than ever, it’s a work-from-home space, it’s a homeschooling space and its a predominant space for entertainment and recreation.”
But with consumer discretionary spending shifting toward entertainment and travel as Covid restrictions ease, will Lowe’s and rival Home Depot be able to maintain their momentum? And what happens to the do-it-yourself home improvement market once the pandemic subsides?
Watch the video to find out what’s next for Lowe’s.