Lowe’s grows 7.4 per cent, only half as much as its main competitor

Lowe’s grew only half as much as market leader Home Depot in the 2021/2022 financial year (ending 28 January 2022). The number two home improvement retailer in the US and worldwide increased its sales compared with the previous year by 7.4 per cent to USD 96.250 bn (EUR 84.989 bn). Like-for-like sales increased by 6.9 percent.

Even in the fourth quarter, the growth rate of 5.1 per cent (sales: USD 21.339 bn, (EUR 18.842 bn)) was only half that of the competitor. Comparable sales increased 5.0 per cent. Comparable sales for the US home improvement business increased 5.1 per cent for the fourth quarter. In contrast, Lowe's sales made with professional customers were 23 per cent higher than in the same period last year.