Homes are being improved! Lowe’s reported same-store sales growth of more than 11% for the first quarter as Americans stayed home, got bored, and finally started on those home improvement projects they had been putting off for months years.
“We’re seeing sustained strength from our homeowners because they’re sheltering in place and finding those projects around the house,” said Lowe’s CEO Marvin Ellison.
Lowe’s was able to keep its stores open even as the coronavirus pandemic shuttered retailers across the country because they were deemed essential. The company also said it saw an 80% increase in online sales as they introduced curbside pickup to accommodate online customers and local virus restrictions.
However, Ellison cautioned that such impressive sales growth likely isn’t sustainable. He warned sales could “moderate” later in the year.
You can only remodel your bathroom so many times…