Lowe's reports $23.08 billion Q1 sales

Lowe's reported first-quarter sales of $23.08 billion on May 20, up from $20.93 billion a year earlier, and said comparable sales increased 0.6%. Net earnings were $1.6 billion for the quarter ended May 1, 2026, compared with $1.64 billion a year earlier, while diluted earnings per share were $2.90 versus $2.92, the company said. The retailer said it recorded $96 million in pre-tax expenses tied to its acquisitions of Foundation Building Materials and Artisan Design Group. Lowe's also reaffirmed its full-year outlook, keeping projected sales at $92 billion to $94 billion. ### Why did sales rise while profit barely moved? Revenue rose 10.3% year over year, but Lowe's said acquisition-related costs weighed on reported profit in the quarter. The company said adjusted diluted earnings per share were $3.03, compared with $2.92 a year earlier. The quarter included contributions from Foundation Building Materials and Artisan Design Group, two deals Lowe's has used to expand its professional contractor business. In its earnings release, the company said those acquisitions added to sales growth even as reported net income and reported EPS were little changed. ### What did Lowe's say about demand? Chief Executive Marvin Ellison said Lowe's delivered “positive comparable sales, driven by strong spring execution, growth in online sales, and strength in Pro and home services.” He added that the company was “pleased with our start to the spring selling season and the sustained positive momentum with our Total Home strategy.” CNBC reported on May 20 that Ellison described the housing backdrop as challenging even as Lowe's beat Wall Street expectations and maintained its annual guidance. The company said comparable sales growth came despite continued pressure in discretionary home improvement spending. ### How much of the quarter came from DIY versus professional customers? Lowe's did not break out a separate DIY sales figure in the earnings release, but management pointed to spring demand, online sales and home services as support for the quarter. The company has been pushing deeper into sales to professional customers through acquisitions, delivery capabilities and jobsite-focused offerings. The results suggest Lowe's is relying on both seasonal consumer demand and its Pro expansion to support growth. (corporate.lowes.com) The company said comparable sales were up 0.6%, a modest increase that contrasts with the larger jump in total revenue driven in part by acquisitions. ### What guidance did the company keep in place? Lowe's said full-year 2026 sales are still expected to be $92 billion to $94 billion, with comparable sales flat to up 2%. The company also kept its forecast for operating margin at 11.2% to 11.4% and adjusted diluted earnings per share at $12.25 to $12.75. That outlook leaves Lowe's sticking with the targets it had previously set despite a housing market the company continues to describe as difficult. (corporate.lowes.com) The earnings release said net interest expense is expected to be about $1.6 billion and the effective tax rate about 24.5%. ### What is happening with the Memorial Day sale? Lowe's said on its website that its Memorial Day deals cover tools, appliances and home improvement products, and that normal 2026 operating hours apply during the Memorial weekend sale unless otherwise noted. Third-party sale listings and deal trackers say the promotion runs through May 27. The company’s weekly ad is also live online, with store-specific offers available through its local ad page. (corporate.lowes.com) For shoppers, the next concrete date is May 27, when the current Memorial Day promotion is scheduled to end. (lowes.com)