US home improvement retailer Lowe's Q1 FY21 sales up 26% to $24 bn

04 Jun '21

1 min read

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Lowe's Companies, a US-based home improvement retail company, has announced 25.9 per cent sales increase to $24.4 billion in its first quarter (Q1) FY21 that ended on April 30, 2021, compared to the sales of $19.7 billion in corresponding quarter of previous fiscal. The company’s net earnings for the period slipped to $2.3 billion (Q1 FY20: $1.3 billion).

“Our outstanding performance continued this quarter, as we delivered strong sales growth and operating margin expansion. We delivered over 30 per cent growth in Pro, over 18 per cent growth in all 15 US regions, and growth in Canada that outpaced the US,” Marvin R Ellison, Lowe’s president and CEO, said in a press release.

Gross margin for Q1 FY21 was $8.1 billion ($6.5 billion), while operating income grew to $3.2 billion ($1.9 billion). The company’s comparable sales for the US home improvement business increased 24.4 per cent during the quarter.

“Looking forward, I remain confident in our ability to accelerate our market share gains while driving further improvement in operating margin,” Ellison concluded in the release.

Fibre2Fashion News Desk (JL)

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