It appears the American home is undergoing a makeover during the COVID-19 pandemic, and home improvement giant Lowe’s (NYSE:LOW) is reaping the benefits from it.
Since the start of the pandemic, Lowe’s has five straight quarters of double-digit revenue growth on a quarter-over-quarter basis. The company’s bottom line has also gotten a boost. On Aug. 18, the company reported a second-quarter profit of $3.02 billion, or $4.25 per share. That’s up 6.7% on a year-over-year basis from $2.83 billion.
"More so than anytime in our life the home is being re-imagined," Lowe’s CEO Marvin Ellison said last September. "The home is multi-purpose more so than ever, it’s a work-from-home space, it’s a homeschooling space and its a predominant space for entertainment and recreation."
Meantime, with homes being shattered in certain pockets of America, Lowe’s is pitching in. The chain announced it will donate $2 million to support relief efforts after Hurricane Ida devastated the Gulf Coast, causing catastrophic flooding and damage.
As part of today's announcement, Lowe's will donate $1 million to disaster relief partners including the American Red Cross, St. Bernard Project and others, helping organizations to provide emergency shelter, food, relief and rebuilding supplies and comfort to those affected by Hurricane Ida. An additional $1 million will support product donations.
In the past two weeks alone, Lowe's stores have distributed nearly 2,000 disaster relief buckets nationwide to help communities recovering from storms. Associates at Lowe's distribution centers in North Carolina and Texas assembled the buckets earlier this summer.
LOW shares skidded 76 cents to $203.13, mid-morning Wednesday.
