US-based home improvement retailer Lowe’s has registered $23.7bn in total sales for the first quarter (Q1) of the fiscal year 2022 (FY22), compared with $24.4bn in the same period of FY21.
For the three months to 29 April, Lowe’s consolidated comparable sales fell by 4.0% and its US comparable sales dropped by 3.8%, while its pro customer sales increased by 20%.
The company’s operating income was $3.30bn, up from $3.24bn in Q1 2021.
Its net earnings grew slightly to $2.33bn against $3.32bn a year earlier, while its diluted earnings per share (EPS) were $3.51, up from $3.21 in the same period of FY21.
Lowe’s chairman, president and CEO Marvin Ellison said: “Our sales this quarter were in line with our expectations, excluding our outdoor seasonal categories that were impacted by unseasonably cold temperatures in April.
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“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.
“This quarter we delivered over 65 basis points of operating margin improvement, driven by our Total Home strategy and the execution of our Perpetual Productivity Improvement or PPI initiatives.”
For the full year, Lowe’s expects total sales of between $97bn and $99bn, including for the 53rd week, and an operating margin of 12.8% to 13.0%.
The company anticipates its diluted EPS to be in the range of $13.10 to $13.60.
Ellison added: “Despite some increased uncertainty in the macro-environment, we remain confident in the outlook for the home improvement market and our ability to deliver operating margin expansion in 2022.
“I would like to thank our front-line associates for their ongoing commitment to our customers and our communities.”
