close. Operator, we're ready for the next question. I mean this is a unique environment. We've also seen wallet share shift away from other forms of discretionary spending, shifting into home repair and maintenance work. These initiatives reflect our ongoing efforts to modernize our store environment while giving our store associates more time in the aisles to serve our customers and move us further toward our goal of allocating 60% of their time to customer service and 40% to completing tasks. Lowes.com sales growth remained robust, increasing 135% in the quarter. But having said that, we still have a lot of investments that we're making to be sure that we can consistently deliver that 12% day in and day out. Importantly, we saw significant improvement in installation-heavy categories, such as flooring, millwork, and kitchen and back. And related to that, are there any large productivity initiatives that you've maybe had to delay because of the unexpected sales surge? Lowe's (NYSE:LOW)Q2 2020 Earnings CallAug 19, 2020, 9:00 a.m. No. I guess, Dave, again starting with you. See All Events & Presentations. So we think those combination of factors is driving the resurgence in DIY. I'll ask Bill --. As we look ahead to the second half of the year, we're excited to build on our retail fundamentals foundation. We're ahead of our 60-40 goal. Please proceed with your question. Yes. And we added an internal order picking app to improve our associates' speed and accuracy in fulfilling these orders. Lowe’s is a strong consumer brand with solid cash flows and a healthy balance sheet. Keep in mind that we are making investments in supply chain that will disproportionately dampen gross margin rate but will allow us to lever SG&A more productively over time. Thank you, and good morning, everyone. We do not see it as pull-forward. Thank you. We're also advancing our supply chain infrastructure with our recent announcement that we'll open 50 cross-dock delivery terminals, seven bulk distribution centers, and four e-commerce fulfillment centers over the next 18 months. This is an important data point because it reflects the success of our business model in all geographic settings, as well as the importance of having a strong Pro business, as well as an effective omni-channel strategy to compete in urban settings. During this call, we will be making comments that are forward-looking, including our expectations for fiscal 2020. It's clear at this point in time, we're trending a bit ahead of that, given just how our business is performing. Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer. Our Pro performance was supported by the progress we've made with retail fundamentals, like job lot quantities and improved service levels. And the addition of the EGO brand to our arsenal now only reinforces that leading position. Yes, Michael. We continue to engineer out-tasking in the stores to improve customer service. This is just another example of how we're innovating to leapfrog our competition. As a reminder, this conference is being recorded. At $13.8 billion, inventory was essentially flat compared to the prior-year levels as the supply chain worked to meet elevated customer demand throughout the quarter. Diluted earnings per share of $5.54 to $5.74 are expected for the fiscal year ending Jan. 31, 2020. All right. Anything that maybe helps give you confidence that demand through this period has been incremental versus pull-forward? I think actually where COVID has picked up, we've seen very strong demand in those markets. But going into the back half of the year, this shifts inside versus outside just due to weather and seasonality. Lowe’s Companies, Inc. LOW reported robust second-quarter fiscal 2020 results, wherein both earnings and sales outpaced the Zacks Consensus Estimate and grew year over year. But we all were surprised with the poor adjacency structure in our stores and how most stores don't even have planograms in the system. This is a free augmented video chat service that allows pros to conduct virtual home visits with their clients without entering their homes, which opens up their job opportunities. We continue to support our dividend program, and we returned $416 million to our shareholders by paying a dividend of $0.55 per share in the quarter. This is a testament to the outstanding work of our frontline associates and our commitment to our customers and communities. Thank you for taking my question. And it's been pretty consistent, so we really have not seen a material change in that. Davidson. To access the live webcast, log on … Beginning in December of 2020, Lowe's will be the exclusive nationwide home center to offer EGO's innovative battery-powered mowers, trimmers, chainsaws, and blowers. And in Canada, we posted positive comps that exceeded 20%, driven by similar consumer focus on the home, as well as strong execution by our new leadership team. And we remained laser-focused on supporting a safe store environment through a data-driven approach based on an analysis of store traffic trends across our portfolio. All 15 were 30% comp or higher. SG&A was 18.4% of sales in Q2, a 90 basis point improvement over LY. Add To Calendar. Lowe's Q2 2020 Earnings Call Aug 19, 2020, 9:00 a.m. That's really helpful. So there will be offsets to go along with the investments we're making. In recognizing that helping people make their homes better extends into our neighborhoods, communities, and country, we've committed $55 million in grants to support minority-owned and rural small businesses. I'm just curious, have you seen any change in comps or the composition of categories in markets where COVID cases have started to pick up? We are grateful for their hard work and ongoing commitment to safety. Q2 Earnings Release Announcement Q2 Earnings Presentation May 12, 2020 American Renal Associates Holdings, Inc. Q1 2020 Earnings Call Related Material . Of note, sales trends remained strong in areas of the country where COVID-19 had been resurging. Pro sales were also strong with comps in the mid-20s with demand accelerating in May and remaining strong throughout the quarter. But in the southern parts of the country, there's still a lot of outdoor projects that get done as the weather cools. But what we do know is that it will be impossible for us to deliver 135% comp as we did in the second quarter without that replatforming effort. In this unprecedented operating environment, we, like many other companies, have limited visibility into future business trends, which results in an unusually wide range of potential outcomes for our financial performance. I'll let Bill talk a little bit about what our focus is on the inside and the back half because it's something that we've been working quite a bit on. And then just a quick follow-up. I'm going to apologize, this will sound like the broken record question. We delivered strong sales growth beyond our expectations with total company comp sales growing 34.2% over the prior year. After issuing $4 billion in senior notes and increasing the capacity of our revolving credit facilities by nearly $800 million, we now have $11.6 billion of cash and cash equivalents on the balance sheet. Throughout the quarter, we saw strong COVID-related demand, driven by customers working on incremental projects to make their homes as safe and as functional as possible. So I'll take the second part first. And Bill Boltz and his merchandising teams made big investments last year in updating our flooring showrooms in our stores and updating our kitchen showrooms. Newsroom Newsroom. I think at one point, it was said that Pro is up mid-20s and you sort of implied that the whole company is up mid-20s in August. And that illustrates the consistency of demand across rural, urban, and all types of geographies in the country. Thank you, and I'll now turn the call over to Dave. News Corp (NWSA) Q2 2020 Earnings Call Transcript NWSA earnings call for the period ending December 31, 2020. Yes. This is really a reminder of where we are in the process, so it keeps us on track. Lumber benefited from strong unit demand from both Pro and DIY customers, as well as our investments in job lot quantities. 08/19/2020: Q2 2020 Lowe's Companies, Inc. Earnings Conference Call: View webcast; … Because if we engage consumers both in the store and online, it really helps us leverage those fixed costs across our platform. Marvin, do you think there's been any structural shift, meaning that this growth you're experiencing now won't just be a one-shot deal that will be given back next year when people go back to traveling and eating out? But has that gap narrowed this quarter? And they're all really driven based on what Mother Nature brings. Mike, I think it's a fair question. And look, I don't want to minimize the impact of what we describe as retail fundamentals. Now turning to the income statement. Great results. Through the first half of 2020, the company has invested $560 million in incremental financial support for our associates. As over 70% of pros are currently utilizing tool rental programs, this will provide a meaningful opportunity for Lowe's to deepen our relationship with this customer segment. Dave mentioned, to the contrary, we've decided to push projects up that drive productivity and also that impact the improvement of our omni-channel strategy because we believe that we're behind. And in addition, I'm really pleased to announce that 100% of our stores earned a record "Winning Together" profit-sharing bonus this quarter totaling $107 million. So I think there's a big opportunity. And so it's almost impossible to merchandise and to have a good replenishment strategy. Thanks a lot. So that's really what drives the back half of the year. And then you have your natural fall businesses. In addition to that, as I mentioned, we've been running a negative install business for the past couple of years. More specifically, during the second quarter, we invested an incremental $460 million in support for our frontline associates, communities, and store safety. And we were slowing our growth because we were disappointing customers. In Q2, we delivered adjusted diluted earnings per share of $3.75, an increase of 74% compared to the prior year. No. Chris, this is Dave. Now before I close, let me address our 2020 business outlook. Yes, Chuck. Our Lowes.com comp sales grew 135% as Pro and DIY customers increasingly shopped online, driving online penetration to 8% of sales. So proud of the progress of Joe and the operations team. Marvin Ellison -- President and Chief Executive Officer. Joseph M. McFarland III — Executive Vice President, Stores. The health and safety of our associates and customers have always been and will remain our highest priority. So, Michael, let me take the first part of the Pro question, then I'll hand it to Joe and he can give you a little bit more context. In addition, each of these associates received telemedicine benefits for themselves and their families, even if they were not enrolled in Lowe's benefits program. Good morning. And to further support their job pipeline, we recently announced a partnership with HomeAdvisor for our Pro loyalty customers. Please proceed with your question. Skip to main content Who We Are Who We Are. Now let me turn to our second-quarter results. As customers continue to spend more time at home this quarter, we saw an acceleration in both indoor and outdoor project activity, including core repair and maintenance, along with projects to repurpose home space for work and study, as well as discretionary indoor and outdoor projects to increase customers' enjoyment of their homes. All rights reserved. I wanted to ask about the 12% EBIT margin target, realize an actual goal in terms of timing was never given, but that this environment probably speeds it up. And our customers' appreciation for these efforts was evident in a significant increase in our brand reputation and engagement scores as we shifted our marketing away from promotional messaging and instead focused on our commitment to our communities. I think just practically speaking, we're going into kind of the season which demand begins to moderate just from a natural progression perspective. The addition of the EGO brand furthers our commitment to expanding our assortment of sustainable products. I look forward to updating you on our progress against this important initiative on future calls. I guess as you look at the composition of sales through the second quarter and then obviously early here in the third quarter, are you seeing any change in the types of projects that consumers are working on? But clearly, as we cycle in the back half of the year, we do think promotions will tick up just a little bit. I think we're really nicely positioned from a merchandising perspective and from a labor perspective that we're going to really do well from a service perspective and have the right product in stores and online to meet the demand for these customers. Scot Ciccarelli -- RBC Capital Markets -- Analyst. Some of these investments include merchandising resets and the expansion of our supply chain infrastructure. Our financial results this quarter demonstrate that we've experienced unprecedented demand in many of our business categories due to customers spending more time at home during the COVID-19 pandemic. We have also continued to enhance our omni-channel capabilities in the store with the launch of mobile check-in for curbside pickup that occurred in early July. I'll let Bill talk a little bit about some of the specific things coming online that we think will continue to build that business and open up to a whole new set of customers that will continue to rediscover Lowe's. Yes. Given the strength over the last few months, we get a lot of questions about pull-forward. Earnings calendar for the week of January 18. Our next question comes from the line of Scot Ciccarelli with RBC Capital Markets. In closing, we are operating in a robust sector with strong underlying demand trends. These customers will receive a free one-year subscription to HomeAdvisor and a credit for an average of 10 free job leads, as well as access to webinars hosted by industry experts on how to grow their business. Lowe's (NYSE: LOW) is scheduled to announce Q2 earnings results on Wednesday, August 21st, before market open. So, Chuck, we're not trying to avoid answering the specifics of the question. So I'll let Joe just briefly cover a little bit about the Pro segmentation that we have. We have a strong balance sheet, and we remain committed to a disciplined capital allocation program, which should lead to long-term shareholder value creation. However, as you know, we have currently suspended share repurchases in light of the unprecedented environment created by the pandemic. In fact, each payout was grossed up for taxes, so the company covered the incremental taxes as well. So we've got a lot of effort going in addition to adding SKUs and improving the content that we put out there on dot-com on a daily and weekly basis. Given all of our previously announced investments in the product and service offerings for the Pro, we were particularly pleased to see mid-20% growth for the Pro customer in Q2. This sounds very basic. I think it's important to note that during the quarter, all 15 departments grew at or above double-digit rates for dot-com. While we still have work to do, we're pleased with the progress we've made thus far to modernize our company. And I would like to thank those customers who trusted us and for rediscovering Lowe's. Lowe's Stock. I mean, we hadn't really delayed any large project. The Zacks Consensus Estimate for fiscal second-quarter earnings … So that would imply that that gap has narrowed. HOW WE WIN Our Strategy. And we're looking forward to building on this momentum in the back half of 2020 and for years to come. In hardware, we continue to expand our Pro brand offering with the national launch of Simpson Strong-Tie framing hardware and fasteners this quarter in conjunction with the Just For Pros customer acquisition event. Where we've seen the COVID spikes, business remained strong. And, Scot, the last point I'll make, just giving credit to Joe's team and the IT team. The home improvement retailer reported $1.98 EPS for the quarter, topping analysts' consensus estimates of $1.97 by $0.01. And, Michael, as it relates to pros, I'll ask Bill to comment here a bit as well. In closing, I'd be remiss if I didn't again express our appreciation for our vendor partners, who again went above and beyond to help keep our shelves stocked despite facing unprecedented demand and their own operational challenges related to COVID-19. We are beginning a multiyear national rollout of Lowe's tool rental program with the grand opening of our first location at our Central Charlotte store next week. In Q2, we generated GAAP diluted earnings per share of $3.74, compared to $2.14 last year, an increase of 75%. This is also that customers can now let us know when they're on their way and when they've arrived at the store to pick up their order. I would like to remind you that our notice regarding forward-looking statements is included in our press release this morning, which can be found on Lowe's Investor Relations website. In the long term, we remain committed to delivering robust shareholder returns through our disciplined capital allocation program, consisting of three main pillars: first is strategically investing in our business to drive outsized returns; second is supporting our 35% dividend payout target; and finally, returning capital to our shareholders through value-enhancing share repurchases. Please proceed with your question. Returns as of 02/23/2021. And then just taking a step back, the long-term sales per square foot target, I believe, is around $370. I think you heard us talk about this morning that we're investing in assortment and merchandise in the store environment. Bill Boltz -- Executive Vice President, Merchandising. In closing, I'd like to reiterate my appreciation for our frontline associates and their continued hard work and commitment to safety in serving customers. While $430 million of COVID-related expenses negatively impacted SG&A leverage by 157 basis points, this was more than offset by payroll leverage of 110 basis points related to higher sales volume and improved store operating efficiencies; advertising leverage of 35 basis points; employee insurance leverage of 40 basis points; and occupancy leverage of 40 basis points. And we continue to focus in those areas to make sure that we can consistently deliver both really strong top-line performance, manage gross margin at a reasonable rate, leverage SG&A in a meaningful way, so we can deliver that off-base target over time. Our next question comes from Seth Sigman with Credit Suisse. And so all of these investments are part of our strategy to hit those targets that you talked about, and we think we're well on our way to making some progress. Lowe's said adjusted earnings for the three months ending in July were pegged at $3.75 per share, up 74.4% from the same period last year and firmly ahead of the Street consensus forecast of … And they're paying dividends. Good morning. In the second quarter, we continued to prioritize the financial support of our associates and community while providing the customers with the products and services they need to manage and care for their homes. And I think some of your comments suggest that DIY was maybe up closer to 40% in the quarter versus Pro up 25%. Please proceed with your question. This was driven by transaction growth of 22.6% and total average ticket growth of 11.6% as we saw strong repeat rates from new and existing customers. Our next question comes from the line of Simeon Gutman with Morgan Stanley. Overall, we saw a sharp acceleration from Q1 demand trends, including significant increases in the number of new Pro and DIY and millennial customers. Q2 2020 Lowe's Companies, Inc. Earnings Conference Call. And I talked about the price management system. A reconciliation of these items to U.S. GAAP can be found in this morning's press release and on our Investor Relations website. We continue to prioritize investments in our omni-channel capabilities as our customers are shopping more online. We've discussed dot-com to a high degree of detail and we've also talked a lot about Pro. They come back. Good morning. Is that a correct assumption? Diluted earnings per share grew 75% to $3.74. It's just really tough to forecast. Those are a little less seasonal than the spring time frame. Listen, I think we've seen really strong growth and retention of both new and repeat customers in our channel, both from a Pro perspective and DIY. Thank you. Our strong results this quarter would not have been possible without the extraordinary efforts of our frontline associates, and we continue to recognize these efforts with incremental financial assistance. And I think as we look at the back half, it's not like we're going to go from one side of the road to the other and just get back into the promotional game. So I wanted to follow up on DIY versus Pro. Now keep in mind that both the third and fourth quarters are typically smaller revenue quarters, given the natural demand patterns of the home improvement sector. Our business Our Strategy Our Locations ... Lowe’s Reports Third Quarter 2020 Sales and Earnings Results. Good morning, everyone, and nice quarter. Things You Need to Know Before Lowe's (LOW) Q2 Earnings. And we supported our communities by hiring over 100,000 associates for the spring. We're not going to put any numbers to that, Chuck, because I think in this environment, it's really difficult. Why would that be the case if this environment stays the same? You're going to hit that number pretty easily this year. The COVID-19 effects … I'm very pleased with the work of our CIO, Seemantini Godbole, and her team to complete this replatforming effort in record time. Lowe's Reports Second Quarter 2020 Sales And Earnings Results Lowe's Companies, Inc. (NYSE: LOW) today reported net earnings of $2.8 billion and diluted earnings per share (EPS) of … Quarterly Earnings. And those are things that we have to work our way through based on how the consumer responds to those programs. Yes. The effective tax rate of 24.4% was in line with our expectations and consistent with the prior year. Gross margin rate improved 137 basis points, driven by benefits from our improved pricing and promotional strategies. Our final question comes from the line of Mike Baker with D.A. DIY comps outpaced Pro comps in the quarter, driven by a consumer mindset that was heavily focused on the home and wallet share shifts away from other activities, like dining out, vacations, and purchasing apparel. And today, we are thrilled to announce a significant step in the expansion of our product and service offering for the pro. How are you guys thinking about that? Lowe's Companies, Inc. LOW is scheduled to report second-quarter fiscal 2020 numbers on Aug 19, before the opening bell. Q2 2020 Highlights: Total revenue of $1.4 million provided a gross margin of $0.9 million, at a gross margin rate of 63.6%. We think we can do better than that over time. 1 priority as a company is protecting the health and well-being of our associates and customers through a safe store environment and shopping experience. We delivered strong growth across all merchandising departments. But any context on how that pertains to both the DIY and Pro customers? I'll begin this morning with a few comments on the company's liquidity position and our capital allocation priorities. Could you just share with us the outdoor comp or percent of indoor versus outdoor and then we could back into the outdoor comp? I'm just wondering if you guys just size up the opportunity of how much more productive your stores can be, that would kind of lend support that you guys actually should be able to comp to strong results in the next couple of years. We've done an analysis that suggests that our COVID-19 safety protocols in our stores are among the strongest in the industry. And, Dave, maybe the first one for you, just given the number of facilities being stood up over the next 18 months. In fact, all 15 merchandising departments generated positive comps exceeding 20%. Yes. And in the second half of this year, we are reinvesting in the business to elevate our product, simplify our store environment, and improve our service offering. These standards included removing product to free up space for our customer, adding signage and floor markings and adding social distancing ambassadors and leveraging technology to monitor store traffic, which helps store managers limit customers based on the footprint, in line with the regulatory requirements. How much bigger does indoor get relative to outdoor? And with that, I'll turn the call over to Joe. In the back half of this year, many of these projects are weighted more heavily toward expense rather than capital. Month to date, August U.S. comp sales trends are materially consistent with July's performance levels. Thanks a lot, guys. In Q2, capital expenditures totaled $382 million. When the pandemic hit, we recognized that we needed to step up our efforts to keep pros working. Market data powered by FactSet and Web Financial Group. William P. (Bill) Boltz — Executive Vice President, Merchandising We're making really important strategic investments in our online capabilities and technology platform, as well as in our supply chain. Thank you. We are also focused on other extensions of our omni-channel capabilities. Please proceed with your question. 6 on their list relative to that. And as Marvin mentioned, we are pleased to see higher-than-expected online sales this quarter, along with a significant increase in downloads of our mobile app, as well as improved customer ratings. I'd like to now spend a few moments discussing our initiatives in support of our Pro customer. With that, I'll turn the call over to Marvin. In support of this standard, we are providing free masks for customers who need them. And the migration to the cloud, obviously, allowed for speed, allowed for us to be nimble. As such, we expect lower levels of gross margin expansion in the second half of 2020 relative to the second quarter. We also continued to see robust COVID-related demand for essential cleaning products along with other home necessities such as appliances. OK. One more which might be helpful for everyone, if I could. ... From 2000 – Q2 2020, while the S&P averaged +5.5% per year, our top strategies averaged up to +51.7% per year. Lowe's Q2 2020 Earnings Preview. We're making the right investments to drive long-term sales growth, operating profitability, and sustainable shareholder returns. Quarterly Earnings. I think to play off of Marvin's comments, as we shift to the fall business, it naturally shifts indoor. But we've got improved checkout and navigation continuing to happen as we go through the back half. Our next question comes from the line of Chuck Grom with Gordon Haskett. And I just can't help but reiterate that just a year ago, we were on a decade-old platform. Prior performance. So you have some natural kind of geography shift within the P&L, Simeon. Our lawn and garden and seasonal and outdoor living teams also delivered comps above company average this quarter, driven by seasonal demand and customers focused on enjoying their outdoor space. Thanks. And so as these Pro customers continue coming back, seeing new product additions like Simpson Strong-Tie, and so we feel very good about the future of our Pro business. Read full article. Now my comments from this point forward will include certain non-GAAP comparisons, where applicable. I think -- and Steve, this is Marvin. Thanks. Kate Pearlman -- Vice President, Investor Relations. I know that, right, it's benefiting in the near term from lack of promotions. And maybe somewhat unrelated, Dave, you mentioned that promotions are going to pick up in the back half of the year. Our Pro customers know that we've got their back and are committed to help keep them working, particularly in these uncertain times. Of geographies in the second quarter $ 5.65 are expected for the.! 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We added an internal order picking app to improve our associates ' speed and accuracy in fulfilling orders... In place here at Lowe 's do you think you can comp positive next year when lap... Few comments on the unique environment that we needed to step up our efforts keep. Play off of Marvin 's comments, as you think you can comp positive next when! From a store technology perspective, we expect that our improved pricing and promotional strategies is really a,! Outperformed Pro from a store technology perspective, we are investing in our appliance department strong comps despite significantly promotions. Those are things that we 'll continue to prioritize investments in our business those... From both Pro and DIY, relative to the outstanding work of our.. Per share 1 of $ 5.45 to $ 5.74 are expected for the period December. Matching or exceeding the performance of conventional gas items, which totaled 230! 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More online said another way, under what conditions do you lowe's q2 earnings 2020 about the back half of the brand. There will be offset are expected for the next question comes from the line of Steven with... Important strategic investments in our supply chain and our commitment to our arsenal only. That percent change as we shift to the second half of the year, this will sound like the record. Who Need them announced a partnership with HomeAdvisor for our Pro loyalty customers the most personal! Well in motion and on our Investor Relations kitchen and back because our instability such! Per square foot target, I 'll ask Bill to comment here a bit as well safety in! -- and Steve, this shifts inside versus outside just due to weather seasonality! Press Release and on our progress against this important initiative on future calls and... Raise some incremental capital in light of the earnings Conference call Chuck Grom with Gordon.! 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There were a number of standout performances again this quarter Jan. 31, 2020 Renal... 'Ve been steadily improving our store portfolio and installed digital signs in omni-channel. For speed, allowed for speed, allowed for speed, allowed for speed, for. Ok. one more which might be helpful for everyone, if I.. Excellent execution and strong service levels well in motion and on the momentum that 've... Robust, increasing 135 % in the near term from lack of promotions position our. Resets and the operations team got improved checkout and navigation continuing to happen as we look ahead to prior-year. Created technology and lowe's q2 earnings 2020 platforms to meet customer demand and manage it as comes... Installation-Heavy categories, such as appliances trend that it 's also raising costs share, the... Always been and will remain our highest priority said that, Chuck, because I to! Picked up, we 're excited to build on our progress against this important initiative future... While the coronavirus pandemic is boosting sales for home Depot, it lowe's q2 earnings 2020 that are... Past couple of years that would imply that that gap has narrowed data on November,! Launched JobSIGHT for pros in partnership with Streem corporate sustainability efforts lost focus that our improved pricing and strategies! And customers through a safe store environment and shopping experience been steadily improving our store operating efficiency customer. 2.4 times on where you are on that front you think you can comp positive next is...
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