Lowe’s Companies reported that comparable sales for its U.S. home improvement business surged by approximately 25 percent for the first quarter, according to a Wednesday (May 19) announcement.
The home improvement retailer reported $24.4 billion in total sales for the first quarter, which were up significantly from $19.7 billion in the same quarter the previous year. It also posted $3.21 in first quarter diluted earnings per share (EPS).
“Our outstanding performance continued this quarter, as we delivered strong sales growth and operating margin expansion,” Lowe’s President and CEO Marvin R. Ellison said in the announcement. “Looking forward, I remain confident in our ability to accelerate our market share gains while driving further improvement in operating margin.”
Lowe’s Companies bought back 16.8 million shares for $3.1 billion in the quarter, while it paid dividends of $440 million. It also said that all Lowe’s retail locations earned a Winning Together profit-sharing bonus for the fifth straight quarter.
Lowe’s ran approximately 1,970 home improvement and hardware retail locations domestically and in Canada as of the end of April of this year, comprising 208 million square feet of retail selling space and it serviced roughly 230 dealer-owned retail locations.
The news comes as The Home Depot announced its comparable sales for the first quarter of fiscal 2021 soared by 31 percent and comparable sales in the U.S. surged by 29.9 percent from the same period last fiscal year.
“Fiscal 2021 is off to a strong start as we continue to build on the momentum from our strategic investments and effectively manage the unprecedented demand for home improvement projects,” The Home Depot Chairman and CEO Craig Menear announced on Tuesday (May 18).
The Home Depot reported $37.5 billion in sales for the quarter, signifying a 32.7 percent increase from the same quarter last year. It also posted $4.1 billion in net earnings for the quarter, or $3.86 per diluted share, marking a sizable increase from net earnings of $2.2 billion, or $2.08 per diluted share, last year.
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