Despite a period of turbulence within the retail sector, Lowe’s has recorded an increase of 28.6 per cent in their US Comparable Sales.
Lowe’s Companies, Inc. today reported net earnings of $978M for the quarter ended January 29, 2021.Total sales for the fourth quarter were $20.3bn compared to $16.0bn in the fourth quarter of 2019, and comparable sales increased 28.1 per cent. Comparable sales for the U.S. home improvement business increased 28.6 percent for the fourth quarter.
In the fourth quarter, the Company invested over $100M in COVID-related support of frontline hourly associates, bringing its total COVID-related associate financial support to more than $900M for fiscal 2020.
“Strong execution enabled us to meet broad-based demand driven by the continued consumer focus on the home, with growth over 16 per cent in all merchandising departments, over 19 per cent across all U.S. regions and 121 per cent on Lowes.com. I would like to thank our front-line associates for their continued dedication to serving our customers and communities and supporting safety in our stores,” commented Marvin R. Ellison, Lowe’s President and CEO.
