Lowe's Sales Up 24% in Q1, Earnings Up 77%
Mooresville, NC, May 19, 2021-Lowe's reported net sales for Q1 2021 of $24.4 billion, a 24% increase compared to sales of $19.7 billion in Q1 2020.
Comparable sales increased 25.9%. Comparable sales for the U.S. home improvement business increased 24.4% for the first quarter.
Net earnings were $2.3 billion for Q1 2021, a 77% increase compared to net earnings of $1.3 billion in Q1 2020.
"Our outstanding performance continued this quarter, as we delivered strong sales growth and operating margin expansion. 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.," commented Marvin R. Ellison, Lowe's president and CEO. "I would like to thank our front-line associates for their hard work and commitment to delivering exceptional customer service. Looking forward, I remain confident in our ability to accelerate our market share gains while driving further improvement in operating margin."