Lowe's Net Sales Rose 3% in Q1, Earnings Flat
Mooresville, NC, May 18, 2022- Lowe’s reported net sales of $23.7 billion for Q1 2022, a 3% increase compared to $24.4 billion in Q1 2021.
Comparable sales decreased 4.0%. Comparable sales for the U.S. home improvement business decreased 3.8% for the first quarter. Pro customer sales increased 20%.
Lowe’s reported net earnings of $2.3 billion for Q1 2022, flat with Q1 2021.
“Our sales this quarter were in line with our expectations, excluding our outdoor seasonal categories that were impacted by unseasonably cold temperatures in April. Because 75% of our customer base is DIY, our Q1 sales were disproportionately impacted by the cooler spring temperatures. Now that spring has finally arrived, we are pleased with the improved sales trends we are seeing in May,” commented Marvin R. Ellison, Lowe’s chairman, president and CEO.