Lowe’s has spent decades helping customers make repairs to their homes. Now it’s successfully carrying out its own fix-up job in its e-commerce business.
The retailer had a blowout first quarter, helped by outside factors such as the COVID-19 outbreak prompting people to buy new appliances like freezers and to make repairs and renovations like installing decks and repainting their homes since they were going to be spending so much more time there.
In the quarter ended May 1, comparable sales at Lowe’s U.S. stores rose a staggering 12.3%, giving it rare bragging rights of having bested its archrival, Home Depot, where sales were up 7.5%.
But Lowe’s strong numbers didn’t just stem from a favorable macro environment. The single biggest factor helping Lowe’s take advantage of the surge in home improvement spending was an e-commerce operation that is far better than it was last year. That is helping it begin to narrow the gap with Home Depot, which is the fourth largest online retailer in the U.S. with annual digital sales of about $10 billion.
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Source: Fortune