Lowe's reported sales for the second quarter were $27.6 billion compared to $27.3 billion in the second quarter of 2020.Net earnings were $3.0 billion compared to net earnings of $2.8 billion in the second quarter of 2020.
Comparable sales for the U.S. home improvement business decreased 2.2 percent for the second quarter. For the sixth consecutive quarter, 100 percent of Lowe's stores earned a Winning Together profit-sharing bonus, resulting in an expected total payout of $91 million to front-line hourly associates. This payment is $20 million above the target level, the company said.
"Our strong results this quarter demonstrate that our Total Home strategy is working, with U.S. sales comps up 32 percent on a two-year basis," said Marvin R. Ellison, Lowe's chairman, president and CEO. "In the quarter, we drove 21 percent growth in pro, 10 percent growth in installation services and strong comps across decor product categories. On Lowes.com, sales grew 7 percent on top of 135 percent growth last year."
Lowe's operates 1,973 home improvement and hardware stores and serviced approximately 230 dealer-owned stores.
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