U.S. - Home Depot, the largest global home improvement retailer, reported record sales of USD 38.1 billion in the 2Q-2020. Likewise Lowe's, the second global home improvement retailer, reported record sales in the 2Q-2020 of USD 27.3 billion. Increases of 23.4 percent and 30.1 percent respectively.
“The investments we have made across the business have significantly increased our agility, allowing us to respond quickly to changes while continuing to promote a safe operating environment. This enhanced our team’s ability to work cross-functionally to better serve our customers and deliver record-breaking sales in the quarter,” said Craig Menear, chairman, CEO and president of Home Depot. “We remain focused on continuing the momentum of our One Home Depot investment strategy that we believe will position us for continued growth over the long-term, while at the same time maintaining flexibility to navigate the demands of the current environment. Through it all, we will continue to lead with our values by doing the right thing and taking care of our people.”
“We delivered very strong second quarter results, with all merchandising divisions posting comparable sales growth exceeding 20% and all U.S. geographic regions delivering comparable sales growth of at least 30%. Sales were driven by a consumer focus on the home, core repair and maintenance activities, and wallet share shift away from other discretionary spending. Through our retail fundamentals strategy, we have dramatically improved our technology and operational platforms, which enables us to meet customer demand and grow our business. Looking ahead, our sales momentum continues into August, and we are investing in the business to further our omnichannel capabilities and position the Company to deliver long-term value to associates, customers and shareholders,” commented Marvin R. Ellison, Lowe’s president and CEO.
Home Depot reported that sales that leveraged its digital platforms increased about 100% in the quarter and more than 60% of the time, customers opted to pick up their digital order inside the store. At lowes.com, sales grew 135%, increasing online penetration to 8% of sales.
