Lowe's Companies reported first quarter earnings that exceeded analysts’ expectations.
The home improvement/decor retail company’s adjusted earnings for the three months ending on May 1 came in at $1.77 per share, surpassing the Street estimate of $1.22 per share. The figure is +45% higher year-over-year.
Revenues increased +11% to from the year-ago quarter to $19.7 billion, beating estimates.
U.S. same-store sales climbed +12.3%. Online sales surged around +80%.
"Our strong first-quarter performance, which continues into May, also reflects the benefits of our retail fundamentals strategy, the improvement in our execution, and the resiliency of our home improvement business model," said CEO Marvin Ellison.