Lowe’s says it gained market share in 2021

Lowe’s (LOW), based in Mooresville, N.C., reported higher full fiscal year and Q4 revenue based on a gain in market share.

“We delivered another year of outstanding performance in 2021, as we gained market share across DIY and Pro through our total home strategy,” said Marvin Ellison, Lowe’s chairman, president and CEO.

The company reported that sales for fiscal 2021 were $96.3 billion, an increase of $6.6 billion, or 6.9%, from fiscal 2020. Net earnings for fiscal 2021 were $8.4 billion, compared with net earnings of $5.8 billion in fiscal 2020.

For Q4, Lowe’s reported total sales of $21.3 billion compared to $20.3 billion in the fourth quarter of 2020, and comparable sales increased 5.0%.

Comparable sales for the U.S. home improvement business increased 5.1% for the fourth quarter. Pro customer sales increased 23%, said Lowe’s.

For Q4, Lowe’s reported net earnings of $1.2 billion for the quarter ended January 28, 2022, compared to net earnings of $978 million in the fourth quarter of 2020.

The Bottom Line: Lowe’s sales for the year moved ahead nearly 7% company-wide for 2021 to just over $96 billion.

What the CEO said: “In 2021, we increased comparable sales by 6.9% while generating over 170 basis points of operating margin improvement, with our relentless focus on productivity and enhanced pricing strategies. We remain confident in the long-term strength of the home improvement market, and our ability to expand operating margin,” said Ellison.

Also, during today’s conference call, Ellison said, “Online sales have more than doubled in the past two years.”

Lowe’s Companies, Inc. has 1,971 home improvement and hardware stores serving approximately 19 million customer transactions a week in the U.S. and Canada and its related businesses operate or service nearly 2,200 home improvement and hardware stores and employ over 300,000 associates.

Company info: Click HERE to read the Q4 and full year 2021 financial report from Lowe’s.