Sales surge at Lowe’s as the homebound take on more projects

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Lowe's home improvement store (Photo: Mike Mozart / CC BY 2.0)

(AP) — Lowe’s sales surged in the third quarter as the home improvement retailer capitalized on people looking to spruce up their homes as they spend more time there during the pandemic.

Revenue increased to $22.3 billion from $17.4 billion a year ago. That beat the $21.08 billion that analysts surveyed by Zacks Investment Research were calling for.

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Online sales soared 106%, while sales at stores open at least a year climbed 30.1%.

Sales at U.S. stores open at least a year rose 30.4%.