More big numbers from Lowe’s in Q1
Mooresville, N.C.-based Lowe’s posted its fourth consecutive quarter of comp-store-sales growth in the mid 20 percent range or higher, as home improvement projects maintain their status as a national – or even continental – pastime.
Total sales for the first quarter were $24.4 billion compared to $19.7 billion in the first quarter of 2020, and comparable sales increased 25.9%. Comparable sales for the U.S. home improvement business increased 24.4% for the first quarter.
Net earnings of $2.3 billion for the quarter ended April 30, 2021 compared to net earnings of $1.3 billion in the first quarter of 2020.
"Our outstanding performance continued this quarter, as we delivered strong sales growth and operating margin expansion,” said Marvin R. Ellison, Lowe's president and CEO. “We delivered over 30% growth in Pro, over 18% growth in all 15 U.S. regions, and growth in Canada that outpaced the U.S.”
The company has been on a run of supersized U.S. comp-store sales numbers. Since the second quarter of 2020, Lowe’s has reported U.S. comps of 35.1%, 30.4%, 28.6% and first quarter 2021 comps of 24.4%.
“Looking forward, I remain confident in our ability to accelerate our market share gains while driving further improvement in operating margin,” he said.
The company reported that better-than-expected year-to-date results and a supportive macroeconomic backdrop build its confidence in its ability to deliver strong results for the fiscal year, including continued market share gains and the achievement of a 12% operating margin.
