by Net income totaled $1.63 billion, compared with $1.64 billion the same period last year
MOORESVILLE, N.C — Home improvement retailer Lowe’s Companies reported a 10.3% increase in sales for its first fiscal quarter ended May 1.
The company said total sales for the quarter were $23.1 billion, compared with $20.9 billion the same period last year. It noted that same-store sales rose .6% during this period and that it also had a 15.5% increase in online sales, with particular strength in appliances, home services and Pro sales.
Net income totaled $1.63 billion, or $2.90 per share, compared with $1.64 billion, or $2.92 per share the same period last year.
“Strong spring execution and continued momentum in Pro, Appliances, Online, and Home Services supported a solid start to the year as we delivered our fourth consecutive quarter of positive comp sales,” said Marvin R. Ellison, Lowe’s chairman, president and chief executive officer. “In spite of a challenging housing macro, we remain focused on advancing our Total Home strategy to provide the best experience for our customer. I’d also like to thank our associates for their dedication to serving our customers throughout the busy spring season.”
The company reported a gross margin of $7.5 billion, or 32.7% of sales, compared with $7 billion, or 33.4% of sales last year and operating income of $2.6 billion, or 9.3% of sales compared with $2.5 billion, or 10.3% of sales last year.
Selling, general and administrative expenses totaled $4.4 billion, or 19.2% of sales, compared with just over $4 billion, or 19.3% of sales last year.
During the quarter, the company also noted that it had $96 million in pre-tax expenses associated with the acquisitions of Foundation Building Materials (FBM) and Artisan Design Group (ADG). Excluding these expenses, it said first quarter 2026 adjusted earnings per share rose 3.8% to $3.03 compared to the prior-year EPS. During the quarter, the company also said it paid $674 million in dividends.
Lowe’s online platform includes furniture and bedding as part of its mix with products ranging from bedroom and dining furniture to living room furniture that includes seating and occasional, plus outdoor furniture and accessories. Well-known bedding brands on the platform include Serta, Sealy, Casper, Signature Design by Ashley, Purple and Primo International to name several.
Customers can order these items on the website and either pick them up at their local store or have them delivered to their home.
As of May 1, 2026, Lowe’s operated 1,759 stores, representing 196 million square feet of retail selling space.
