Lowe’s Grew Sales 5% in Q4, Earnings Rose 23%
February 23, 2022 from Floor Focus Floor Daily News
Mooresville, NC, February 23, 2022 – Lowe’s reported Q4 2021 sales were $21.3 billion, a 5% increase compared to $20.3 billion in Q4 2020. Comparable sales increased 5.0%. Comparable sales for the U.S. home improvement business increased 5.1% in Q4. Pro customer sales increased 23%.
Net earnings for Q4 were $1.2 billion, a 23% increase compared to net earnings of $978 million in Q4 2020.
For the fiscal year, net sales were $96.3 billion, a 7% increase compared to $89.6 billion in fiscal year 2020. Net earnings for the year were $8.4 billion, an increase of 45% compared to earnings of $5.8 billion in fiscal year 2020.
“We delivered another year of outstanding performance in 2021, as we gained marketshare across DIY and Pro through our Total Home strategy…” commented Marvin R. Ellison, Lowe’s chairman, president and CEO. “In 2021, we increased comparable sales by 6.9% while generating over 170 basis points of operating margin improvement, with our relentless focus on productivity and enhanced pricing strategies. We remain confident in the long-term strength of the home improvement market, and our ability to expand operating margin.”