Lowe's second quarter GMV exceeded expectations by over $27.5 billion! First half revenue was $51.9 billion!

It is learned that on the 18th, Lowe's released its second quarter financial report, which was higher than expected. The following is a summary of the financial report:

• Revenue rose to $27.57 billion from $27.3 billion last year, topping analysts' expectations of $26.85 billion.

• Net income was $3.0 billion, up 6.6% from $2.8 billion in the same period last year.

• Comparable sales fell 1.6%, with comparable sales in the U.S. home improvement business falling 2.2%.

• Home installation business grew 10%, while professional business grew 21%. Sales of home decor items were also a bright spot.

• Lowe's U.S. sales have grown 32% in two years, and online sales at Lowes.com rose 7% after growing 135% in the same period last year.

• Sales of DIY products increased by 32% in May, 32% in June and 31% in July.

First half results summary:

• Revenue in the first half of the year was $51.9 billion, up 9.5% from $47 billion in the first half of 2020.

• In the first half of the year, net profit increased 21% to US$5.3 billion from US$4.2 billion in the same period last year.

Lowe's said that in the post-epidemic era, DIY home and kitchen renovations have led to strong sales of kitchen appliances, bathroom appliances, flooring and appliances, and sales of home remodeling products increased by 20% last year. Lowe's expects revenue this year to be $92 billion, higher than the previous forecast of $86 billion.

It is learned that as of the end of the second quarter, Lowe's inventory was US$17.3 billion, a decrease of US$1.1 billion from the first quarter, in line with seasonal trends, but an increase of US$3.5 billion from the same period last year, when demand for decoration and decoration materials was high due to the impact of the new crown.

Editor ✎ Estella /

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