Lowe’s Cos. Inc. (NYSE: LOW), Mooresville, North Carolina, on Wednesday reported sales for the fiscal year ended Jan. 29 of $89.6 billion, up 24.2% from 2019. The company reported profit of $5.8 billion, up 36.3% from $1 billion in 2019.
For the fiscal fourth quarter, the company reported revenue of $20.3 billion, up 26.7% from the year-ago quarter. Profit grew 48% to $978 million.
“Strong execution enabled us to meet broad-based demand driven by the continued consumer focus on the home, with growth over 16% in all merchandising departments, over 19% across all U.S. regions and 121% on Lowes.com,” said Marvin R. Ellison, Lowe’s president and CEO. “I am pleased with our progress in 2020 as we generated nearly $90 billion in sales, with annual sales growth of over $17 billion, while also enhancing our operating efficiency. Looking ahead to 2021, we expect to grow market share and drive further operating margin expansion.”