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Lowe's Companies Q1 FY20: sales jump 11.2% to $19.7 bn
10 Jun 20 1 min read
Lowe's Companies, a US-based home improvement retail company, has announced 11.2 per cent sales jump to $19.7 billion in first quarter (Q1) FY20 ended on May 1, 2020, compared to the sales of $17.7 billion in same period prior year. Net earnings for the quarter were $1.3 billion (Q1 FY19: $1.0 billion). Operating income grew to $1.9 billion ($1.4 billion).
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“Our strong first quarter performance, which continues into May, also reflects the benefits of our retail fundamentals strategy, the improvement in our execution, and the resiliency of our home improvement business model,” Marvin Ellison, Lowe's president and CEO, said in a press release.
I am also pleased with our ability to pivot to serve increased online demand with Lowes.com sales increasing 80 per cent in the quarter.”
Gross margin for Q1 FY20 were $6.5 billion ($5.5 billion). Selling, general and administrative expenses were $4.1 billion ($3.8 billion).
“To assist other retailers in operating safely in this exceptionally challenging environment, we shared our best practices with the Retail Industry Leaders Association and any other retailer who is interested,” Ellison said.
Fibre2Fashion News Desk (JL)
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