On Wednesday, Lowe’s Cos. Inc. (NYSE: LOW), Mooresville, North Carolina, reported first-quarter revenues of $24.4 billion, up 24.4 % from the same quarter a year ago.
Net income increased to $2.3 billion, or $3.21 per share, from $1.34 billion, or $1.76 per share, a year earlier. Total sales rose 24.1% to $24.42 billion from $19.68 billion last year while comparable same-store sales increased 25.9%.
“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.,” Lowe’s President and CEO Marvin R. Ellison. “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.”
Wednesday’s results followed on the heels of a successful fourth quarter for Lowe’s. For the fiscal fourth quarter, the company reported revenue of $20.3 billion, up 26.7% from the year-ago quarter.
On Tuesday, Lowe’s larger rival, Home Depot, reported revenues of $37.5 billion for the first quarter of fiscal 2021, an increase of $9.2 billion, or 32.7% from the first quarter of fiscal 2020.
Lowe’s and Home Depot are riding the tailwinds of the home building construction boom and the do-it-yourself housing projects that ramped up last year during the pandemic.