The Home Depot and Lowe’s both reported profit surges in the first quarter of 2021 compared with the same period last year, with Home Depot’s net earnings growing 86% to $4.1 billion and Lowe’s reporting a 77% jump to $2.3 billion.
The Home Depot’s net sales increased 32.7% to $37.5 billion. Lowe’s net sales increased 23.8% to $24.4 billion.
"Fiscal 2021 is off to a strong start as we continue to build on the momentum from our strategic investments and effectively manage the unprecedented demand for home improvement projects," Home Depot Chairman and CEO Craig Menear said in a statement.
Lowe’s also credited growth to continued home improvement strength.
At the end of the quarter, Lowe’s operated 1,972 locations in the U.S. and Canada, and The Home Depot operated 2,298 in all 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico.
