Lowe’s First Quarter Sales Flat

Lowe's Companies, Inc. had net earnings of $2.3 billion, in line with prior-year results for the quarter ended April 29. Total sales for the first quarter were $23.7 billion compared to $24.4 billion in the first quarter of 2021. Comparable sales decreased four per cent. "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 per cent of our customer base is DIY, our quarter one sales were disproportionately impacted by the cooler spring temperatures,” says Marvin R. Ellison, Lowe's chairman, president, and CEO.