Lowe's Sales Rise Boosted by Online Growth — Update

By Nicholas G. Miller

Lowe's reported higher first-quarter sales boosted by growth in its online channel, even as a stagnant housing market continues to weigh on home improvement activity.

The company posted net income of $1.63 billion, or $2.90 a share, compared with $1.64 billion, or $2.92 a share, the year prior.

Adjusted earnings were $3.03 a share. Analysts polled by FactSet had expected $2.97 a share.

Sales rose to $23.08 billion from $20.93 billion the year before. Wall Street had expected $22.98 billion.

Comparable sales increased 0.6%, which the company said was driven by 16% online sales growth and strength in appliances, home services and sales to professional customers.

Analysts had expected comparable sales growth of 0.7%.

The company reiterated its full-year outlook for comparable sales growth of flat to up 2% and adjusted earnings of $12.25 to $12.75 a share.

Home improvement retailers' investments in their digital channels and their businesses selling to professional customers have helped to offset a stagnant housing market that has shown little sign of picking up. The industry relies on housing turnover to drive sales since homeowners often undertake remodeling projects before selling or after buying a home.

Additionally, economic uncertainty is causing homeowners to pull back on large home-improvement projects, Home Depot Chief Financial Officer Richard McPhail said on Tuesday. He said that rising fuel costs and mortgage rates, plus increasing job layoffs are making homeowners cautious, leading to sales weakness in some categories.

Write to Nicholas G. Miller at nicholas.miller@wsj.com

(END) Dow Jones Newswires

May 20, 2026 06:44 ET (10:44 GMT)