Home improvement retail giants Home Depot and Lowe’s both reported profit gains in the first quarter of 2022, but as Home Depot reached a company record for first-quarter sales, Lowe’s recorded a sales decline of 3.1%.
The Home Depot’s net earnings of $4.2 billion in the first quarter were a 2.1% increase compared with the same period last year. Net sales increased 3.8% to $38.9 billion, the highest first-quarter sales in the company’s history. "The solid performance in the quarter is even more impressive as we were comparing against last year's historic growth and faced a slower start to spring this year,” CEO and President Ted Decker said in a statement.
Lowe’s reported net earnings of $2.3 billion, a 0.5% uptick compared with the first quarter of 2021. The company’s sales fell 3.1% to $23.6 billion. Lowe’s Chairman, President and CEO Marvin Ellison said the decline was due to unseasonably cold temperatures in April that impacted its DIY customer base. “Now that spring has finally arrived, we are pleased with the improved sales trends we are seeing in May," Ellison stated.
The full Home Depot report can be found here, and the Lowe’s report can be found here.
