Lowe’s recently reported its first quarter 2024 results, showcasing net earnings of $1.8 billion and total sales of $21.4 billion. While comparable sales dipped by 4.1% due to a decline in DIY big ticket discretionary spending, the company saw positive growth in Pro and online sales. Lowe’s continues to gain momentum with its Total Home strategy, highlighted by the rollout of a new DIY loyalty program and expanded same-day delivery options.
Comparing with Home Depot
In comparison, Home Depot reported Q1 2024 sales of $36.4 billion, a decrease of 2.3% from the previous year. Home Depot’s net earnings stood at $3.6 billion, with comparable sales down by 2.8%. Despite these challenges, Home Depot reaffirmed its fiscal 2024 guidance and is optimistic about its readiness and product assortment as spring progresses.
Key Takeaways
- Lowe’s Q1 Sales: $21.4 billion, net earnings $1.8 billion
- Home Depot Q1 Sales: $36.4 billion, net earnings $3.6 billion
- Lowe’s Strategy: Strong Pro and online sales growth, new DIY loyalty program
- Home Depot Strategy: Focus on store readiness and associate engagement
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