After announcing $89.6 billion in fiscal year 2020 sales, big-box home improvement chain Lowe’s is reporting first-quarter net sales of $24.4 billion, up 23.9 percent from the same period in 2020.
Net earnings for the company stood at $2.3 billion, up 76 percent from the same period one year ago. Comparable sales for U.S. stores climbed 24.4 percent in the first quarter.
In the final quarter of 2020, the company’s net sales hit $20.3 billion. Net earnings stood at $978 million.
“Our outstanding performance continued this quarter, as we delivered strong sales growth and operating margin expansion. We delivered over 30 percent growth in Pro, over 18 percent growth in all 15 U.S. regions, and growth in Canada that outpaced the U.S.,” says Marvin R. Ellison, Lowe’s president and CEO.
Lowe’s serves approximately 20 million customers a week in the U.S. and Canada. It currently operates roughly 2,200 locations and employs more than 300,000 people.