Lowe’s Companies, Inc. (NYSE: LOW) announced its first-quarter sales were $23.7 billion, a 4% drop from the first quarter of 2021. Comparable sales for the U.S. home improvement business decreased 3.8% for the first quarter, while pro customer sales increased 20%.
Net earnings were $2.3 billion.
”Our sales this quarter were in line with our expectations, excluding our outdoor seasonal categories that were impacted by unseasonably cold temperatures in April. Because 75% of our customer base is DIY, our Q1 sales were disproportionately impacted by the cooler spring temperatures. Now that spring has finally arrived, we are pleased with the improved sales trends we are seeing in May,” Lowe’s Chairman, President and CEO Marvin R. Ellison said.