Lowe’s grows by 11 per cent in the first quarter

Growth at the US home improvement chain Lowe's has significantly outstripped that of its long-term rival Home Depot during the coronavirus crisis. In the first quarter (ended: 1 May 2020) of fiscal 2020/2021, Lowe's, the number two in the USA and worldwide, increased sales by 10.9 per cent to USD 19.675 bn. Sales on a comparable store area rose by 11.2 per cent and by 12.3 per cent in the USA. This was despite the chain sacrificing one shopping day by closing all stores on Easter Sunday "to provide associates time off to recharge with their families," according to the quarterly report. Since the outbreak of the coronavirus pandemic, Lowe's has closed its stores three hours earlier than normal every day to allow more time for cleaning and shelf restocking. Customer routing in the stores has also been changed to some extent to make it easier for customers and staff to practise social distancing.
Online demand has surged by 80 per cent. The strong sales trend has continued on the whole during May, according to the company.