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. The GM Q2 2020 earnings are headlined by an $800 million loss on $16.8 billion in revenue. And the addition of the EGO brand to our arsenal now only reinforces that leading position. And in tools, we saw strength across all segments of power tools, along with growth in tool storage and mechanics tools, driven by the CRAFTSMAN brand as customers took to doing projects at home. We are converting these seasonal associates to permanent positions at a much higher rate than in past years, which will help us meet the strong demand that we're continuing to see across our stores. So fall businesses continue to play. 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. 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. Further, we expect that our improved product offerings and customer service will allow us to retain new Pro and DIY customers. Given the strength over the last few months, we get a lot of questions about pull-forward. And look, I don't want to minimize the impact of what we describe as retail fundamentals. And, Dave, is there any different thought with regard to gross margin? The health and safety of our associates and customers have always been and will remain our highest priority. During the quarter, we posted comps over 30% in core project categories, such as lumber, tools, and paint, driven largely by extensive indoor and outdoor project activity from both the DIY and Pro customer. Thanks for the question, Mike. In fact, all 15 merchandising departments generated positive comps exceeding 20%. Joe McFarland -- Executive Vice President, Stores. While the coronavirus pandemic is boosting sales for Home Depot, it's also raising costs. 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%. 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? On top of that, its digital channel sales soared 80% and its adjusted earnings … So in total, we have an immediate access to $14.6 billion in funds, and we remain confident that we have ample liquidity to navigate any unforeseen circumstances. We have not. And today, we are thrilled to announce a significant step in the expansion of our product and service offering for the pro. In total, during the COVID-19 pandemic, we've committed $100 million of assistance to those in our community who need it most. Yes, Michael. We've continued to work on separating freight from costs. Lowe's Companies, Inc. LOW is scheduled to report second-quarter fiscal 2020 numbers on Aug 19, before the opening bell. Yes. 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. But any context on how that pertains to both the DIY and Pro customers? 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. Scot Ciccarelli -- RBC Capital Markets -- Analyst. Quarterly Earnings. And as I mentioned earlier, we completed the replatform of Lowes.com to the cloud during the quarter. 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. So can you talk about the reality or the realistic nature of doing that in the next, call it, 12 to 18 months? And then just taking a step back, the long-term sales per square foot target, I believe, is around $370. We believe that those investments in the store has led to us improving our install business this year, along with the restructuring of the field team that Joe took on. Shares tumbled 8.2% to close at 146.72 on the stock market today.Prior to Wednesday, Lowe's stock has soared more than 30% in 2020, according to MarketSmith chart analysis.. Lowe… Please proceed with your question. And they're paying dividends. We just know that we have a much better platform that we can take that demand and manage it as it comes our way. Market data powered by FactSet and Web Financial Group. And then just a quick follow-up. [Operator instructions] Our first question comes from the line of Chris Horvers with J.P. Morgan. As such, we expect lower levels of gross margin expansion in the second half of 2020 relative to the second quarter. And we were slowing our growth because we were disappointing customers. Our next question comes from Seth Sigman with Credit Suisse. So that's really what drives the back half of the year. When the pandemic hit, we recognized that we needed to step up our efforts to keep pros working. And we're looking forward to building on this momentum in the back half of 2020 and for years to come. And with that, I'll turn the call over to Joe. Said another way, under what conditions do you think you can comp positive next year when you lap all of this? Without some of the advancements in technology, like the new labor scheduling system, I mean, we would be in a much different position as a company, trying to serve the needs of the customer and the needs of the associates in this unique environment. Good morning, everyone, and welcome to Lowe's Companies second-quarter 2020 earnings conference call. In addition, Lowe's will begin offering select skilled battery-powered outdoor power equipment in late 2020, which includes mowers, leaf blowers, and trimmers. It's important to note that we delivered these strong comps despite significantly reducing promotions during the quarter. The COVID-19 effects … Skip to main content Who We Are Who We Are. 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. First, we expect that our top-line growth will moderate somewhat from Q2 levels, although demand is still expected to remain strong as consumers continue to invest in their homes. Lowe's is already the No. And when we think about market share and we think about the sustainability of it, our data is pretty consistent that when customers shop us in-store or online, they have a good experience. We talked about getting foundational things in place here at Lowe's for the last 18 months. Good morning, everyone, and nice quarter. U.S. comp sales were up 35.1% in the quarter with truly broad-based strength across all geographies and across both DIY and Pro customers. 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. Turning to our services business, installed sales delivered positive comps in Q2 with the results improving as we moved through the quarter as customers began to feel more comfortable allowing contractors back in their homes. We have to be more penetrated from a DIY perspective as a company. Operator, we're ready for the next question. Because our instability was such that back in Black Friday of 2018, the volume we had crashed the whole system. So you have some natural kind of geography shift within the P&L, Simeon. And we think that is also consistent with really good execution by the merchandising and stores team to drive the business, as well as outstanding work from our store leaders out there every day, doing an incredible job for customers and communities. Actual results may differ materially from those expressed or implied as a result of various risks, uncertainties and important factors, including those discussed in the Risk Factors, MD&A and other sections of our annual report on Form 10-K and our other SEC filings. And importantly, we are making significant investments in our business to support long-term growth and enhanced returns. So that's number one. Yes. Full-time associates are receiving $300 and part-time and seasonal associates are receiving $150 in each payout. 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. Prior performance. I would say your assumption is correct on the ratio between Pro and DIY, relative to a composition change, not so much. Through the first half of 2020, the company has invested $560 million in incremental financial support for our associates. Additionally, we have $3 billion in undrawn capacity on our revolving credit facilities. 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. Obviously, we have a tremendous amount of opportunity here. During the quarter, the company generated $11 billion in free cash flow, driven by exceptionally strong operating performance. Thank you. Looking ahead, we are confident that we'll continue to build on the momentum that we delivered in the first half. Thank you, Bill, and good morning, everyone. EGO's battery-powered equipment is capable of matching or exceeding the performance of conventional gas items, which supports our corporate sustainability efforts. Our investments in our stores and investments in our supply chain evolution reinforces our commitment to becoming a world-class omni-channel retailer. And you sort of mentioned the geography shifts in the prepared remarks. 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. Without question, this has been the most challenging personal and business environment that any of us have operated in. Our final question comes from the line of Mike Baker with D.A. And today, I'm particularly excited that we are building on our industry-leading portfolio of outdoor power brands with EGO, which is the No. Part of what we're doing is investing in our infrastructure such that our base can become a lot more productive day in and day out. Combined with the support provided earlier in the year, we have now invested $560 million in COVID-related financial support for our frontline associates. 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. While the markets got a boost a couple of weeks ago after Congress passed the new stimulus bill, investors seem to have adopted a … We're ahead of our 60-40 goal. Steven, just keep in mind that what we have done here is consistent with our long-term plan because we were always in the mode of investing in the supply chain that we knew would drive incremental costs and dampen gross margin rate but would alleviate some SG&A pressure in the stores and across our platform. Thanks. More specifically, during the second quarter, we invested an incremental $460 million in support for our frontline associates, communities, and store safety. Favorable product mix also drove approximately 60 basis points of benefit. 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. And we think we'll hit that target before what we committed to because it's just the right thing to do for our associates but also for our shareholders. Lowe’s Q1 comparable sales surged 12.3%, with revenue up 11% for the three-month period ended on May 1. The company reported $1.93 billion at the top line, down 3.5% year-over-year but up 8.4% quarter-over-quarter, and the highest quarterly revenue so far released for 2020. We delivered strong growth across all merchandising departments. 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. William P. (Bill) Boltz — Executive Vice President, Merchandising And candidly, we want to come out of this COVID-19 crisis a better company than we were going into it. I'd like to now spend a few moments discussing our initiatives in support of our Pro customer. These results surpassed our expectations due to higher-than-expected sales, gross margin rate, and SG&A leverage, as well as our strong execution to meet robust customer demand. The effective tax rate of 24.4% was in line with our expectations and consistent with the prior year. And it's been pretty consistent, so we really have not seen a material change in that. But can you help us better understand the P&L implications? And we expect to touch the majority of our stores by the end of the fiscal year. And you heard Joe speak about all the investments we're making from a technology perspective within the store environment such that we can really leverage the hours that we have in our stores to put more of those hours to work facing customers and actually driving increased sales and productivity as we move volume through the box. When customers shop us in our stores, especially in this environment and they feel safe, they come back. Pro sales were also strong with comps in the mid-20s with demand accelerating in May and remaining strong throughout the quarter. Thanks, Scot. OK. Makes sense. Marvin Ellison -- President and Chief Executive Officer. I think it's important to note that during the quarter, all 15 departments grew at or above double-digit rates for dot-com. This new interface dramatically reduces associate training time as compared to the cumbersome green screens and multiple interfaces that they were previously using and also improves the customer experience through a shorter checkout process. This is a testament to the outstanding work of our frontline associates and our commitment to our customers and communities. So that tells you where we were and where we are. Is that a correct assumption? Thank you. Relative to supply chain and our transition of products like appliances out, we're in the early stages of that. It's clear at this point in time, we're trending a bit ahead of that, given just how our business is performing. In Q2, we delivered adjusted diluted earnings per share of $3.75, an increase of 74% compared to the prior year. Thank you. Now turning to the income statement. But going into the back half of the year, this shifts inside versus outside just due to weather and seasonality. And can you just give us a quick update on where you are in terms of the customer-facing hours versus tasking? So that would imply that that gap has narrowed. Importantly, we saw significant improvement in installation-heavy categories, such as flooring, millwork, and kitchen and back. Good morning, everybody. 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. OK. Great. We are grateful for their hard work and ongoing commitment to safety. Based on all of these factors, we anticipate that operating income margin flow-through will moderate in the second half versus the first half. We're still planning for approximately $1.6 billion in CAPEX for the year with a continued focus on omni-channel investments. And if you remember our comments on this before, this will help make sure that competitive pricing shows up online the way it needs to show up online, continue to enhance our curbside pickup, working with Joe's team in store, continuing to improve our buy online, pick up in store process to make that store picking faster. Yes. As we look ahead to the second half of the year, we're excited to build on our retail fundamentals foundation. With our transition of Lowes.com to the cloud now fully complete, the teams are working quickly to accelerate the front-end work and deliver improved customer-facing capabilities in the second half of this year, such as online delivery scheduling, online order tracking, a dynamic customized homepage, simplified search and navigation and an expanded online product offering to further enhance the customer experience and to continue to grow sales. And we supported our communities by hiring over 100,000 associates for the spring. Now before I close, let me address our 2020 business outlook. Please proceed with your question. Corporate Participants: Kate Pearlman — Vice President, Investor Relations. That's really helpful. So I just to kind of build off of Simeon's question about margins but thinking about it from a sales productivity perspective, you're still about roughly $100 below your biggest peer. We've done an analysis that suggests that our COVID-19 safety protocols in our stores are among the strongest in the industry. So, Chuck, this is Marvin. This is just another example of how we're innovating to leapfrog our competition. 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. Thanks, Joe, and good morning, everyone. But for the northern markets, the pro moves inside, the consumer moves inside, flooring, kitchens, bath, those types of projects, all about getting the home ready for the holidays is where the customers focus. The only point I'll add is, obviously, this is part of our plan. Please proceed with your question. And so those were well in motion and on the way. In the back half of this year, many of these projects are weighted more heavily toward expense rather than capital. 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. Consistent with our long-term plans, we are continuing with our merchandising investment in our stores with resets to address our product adjacencies that make it easier for the customer to shop, all with a focus on the pro. In closing, I'd like to reiterate how incredibly proud I am of our associates and their dedication to supporting customers in our communities during this time when they need us most. Lowes.com sales growth remained robust, increasing 135% in the quarter. I mean that's a pretty unprecedented number. Q2 2020 Lowe's Companies, Inc. Earnings Conference Call. And we stated in the prepared comments that DIY outperformed Pro from a comp perspective. You have not selected location from suggestion drop down: Please select correct location from suggestion box, Q2 2020 Lowe's Companies, Inc. Earnings Conference Call, Lowe's Expands Supply Chain Network, Announces Opening of Second Direct Fulfill…, Corporate Responsibility Reports & Policies, Small business grant provides sweet outcome for texas bakery, Lowe’s Reports Third Quarter 2020 Sales and Earnings Results, Helping military families hone their diy skills, Red Vest Success: From seasonal hire to store manager, © 2021 Lowe's. How are you guys thinking about that? This enabled us to improve site functionality and sustain triple-digit growth without any systems interruptions. SG&A was 18.4% of sales in Q2, a 90 basis point improvement over LY. Cumulative Growth of a $10,000 Investment in Stock Advisor, Lowe's (LOW) Q2 2020 Earnings Call Transcript @themotleyfool #stocks $LOW, Lowe's Earnings: 3 Trends to Watch on Wednesday, Lowe's Plans Spring Hiring Spree, Pays $80 Million in Bonuses, Copyright, Trademark and Patent Information. While we still have work to do, we're pleased with the progress we've made thus far to modernize our company. And actually, even leveraging the omni-channel environment will also help that. Turning to expenses, we anticipate that we will incur COVID-related operating expenses of approximately $70 million to $80 million per quarter to support safety and cleanliness in our stores. We delivered indoor comps of 30%, driven by strength in indoor categories, such as decor and lighting. 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. And some of these initiatives include hiring home improvement and retail subject matter experts in key leadership roles, which has allowed us to quickly make informed decisions and implement necessary changes during the COVID-19 crisis; replatforming Lowes.com from a decade-old infrastructure to the cloud and developing a top-rated mobile app that's allowed us to grow online sales triple digits; a customer-centric labor scheduling system that gave stores the flexibility to align payroll with the unique needs of the customer and the associate; deploying a new price management system to provide our merchants with better data to maintain cost discipline and take more strategic approach to pricing and promotions; enhanced Pro product and service offerings, combined with the new Pro loyalty platform, that helps us keep pros working and offers them meaningful rewards while providing us with better customer insights; and our field merchants and merchandise service teams who play an essential role in helping our stores quickly reconfigure to support social distancing and also respond to the significant increase in demand. Over the past 18 months, we've been steadily improving our store operating efficiency and customer service. Having said that, I'd like to provide some perspective on the second half of the year. 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. That's not the end. Last quarter, we decided to raise some incremental capital in light of the disruption in the global credit markets. 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. So we've made significant progress. 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. In Q2, we generated GAAP diluted earnings per share of $3.74, compared to $2.14 last year, an increase of 75%. As a reminder, this conference is being recorded. Home Depot's profit surged 25% to $4.33 billion, or $4.02 per share, during the fiscal second quarter. Now let me turn to our second-quarter results. No. We are also focused on other extensions of our omni-channel capabilities. Q4 2020 Lowe's Companies, Inc. Earnings Conference Call. Lowe's Q2 2020 Earnings Preview. Here with me today are Marvin Ellison, our president and chief executive officer; Bill Boltz, our executive vice president, merchandising; Joe McFarland, our executive vice president, stores; and Dave Denton, our executive vice president and chief financial officer. Yes. 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? Mr. Horvers, is your line on mute? I think some of the math to get there in the near term or medium term would imply that sales continued to grow at a nice rate but expenses actually get deleted or your productivity gets a lot better. 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. Where we've seen the COVID spikes, business remained strong. Our Pro customers know that we've got their back and are committed to help keep them working, particularly in these uncertain times. Our next question comes from the line of Scot Ciccarelli with RBC Capital Markets. 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. 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. But having a system that gives us the ability to manage to the unique needs of both customers and associates, that system was put in place last year, it's created just an enormous benefit to our ability to not only serve customers but to drive productivity. Stated in the store environment and shopping experience in indoor categories, such as appliances like lot... 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