Lowe's enters the tool rental business
Lowe's from Mooresville / NC, the second largest home improvement retailer in the US after Home Depot, was able to increase its sales in the second quarter (May-July 2020) by over 30% from USD 21.0 bn. (EUR 17.8 bn.) to USD 27.3 bn. (EUR 23.1 bn.).
Net earnings even increased by 69% from USD 1.68 bn. (EUR 1.42 bn.) to USD 2.83 bn. (EUR 2.39 bn.).
At the beginning of August, Lowe's also announced that it would install tool rental departments nationwide in all of its branches, where e.g. professionals and do-it-yourselfers can rent branded products such as Husqvarna, Bosch and Metabo, to complete their projects. The first opening was in Lowe’s branch in Charlotte/ NC on August 20th.