While many independent lumber dealers have been seeing higher walk-in business during the COVID-19 pandemic, apparently so have big box stores.
This week, both Lowe’s and Home Depot announced second quarter earnings results, and both credited big gains to increased consumer spending on home remodeling and landscaping projects during the pandemic.
At Lowe’s, sales for the second quarter were $27.3 billion compared to $21.0 billion in the second quarter of 2019, and comparable sales increased 34.2%. In a press release announcing the Q2 results, Lowe’s said it invested $460 million during the second quarter in support of frontline hourly associates, communities, and store safety.
Similar results were reported from Home Depot, where sales of $38.1 billion for the second quarter led to a 23.4% percent increase from the second quarter of 2019. Comparable sales for the second quarter were positive 23.4%, and comparable sales in the U.S. were up 25%.
Home Depot also noted its contributions to store and employee safety, citing an investment of $480 million in additional benefits for employees, including weekly bonuses for hourly associates in stores and distribution centers.