Home renovation and maintenance activities have been gaining prominence lately, thanks to increased stay-at-home practices amid the coronavirus pandemic. The trend has been benefiting certain home improvement market players, including Lowe’s Companies, Inc. LOW. This apart, the company’s efforts to expand digital offerings is worth appreciating. These upsides were well-reflected in the company’s second-quarter fiscal 2020 results, with the top and the bottom line improving year on year. Let’s dig deeper.
Bright Prospects in Home Improvements Market
Growing inclination toward home improvement projects is quite visible in Lowe’s second-quarter fiscal 2020 results. Comparable sales (comps) for the company’s U.S. home-improvement business increased 35.1% in the second quarter, following an increase of 12.3% in the first quarter.
In the reported quarter, comps gained from sturdy project demand from DIY and pro customers across channels, product categories and geographies. It saw comps growth of more than 20% across all its merchandising divisions,