The American home is undergoing a makeover during the Covid19 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 doubledigit revenue growth on a quarteroverquarter basis. The company’s bottom line has also gotten a boost. On Aug. 18, the company reported a secondquarter profit of $3.02 billion, or $4.25 per share. That’s up 6.7% on a yearoveryear 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 multipurpose more so than ever, it’s a workfromhome 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 doityourself home improvement market once the pandemic subsides?
Watch the video to find out what’s next for Lowe’s.
Chapters:
00:00 — Intro
01:58 — History
05:20 — The home improvement market
10:04 — Focus on home professionals
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The DIY Boom And The Rise Of Lowe’s