Several big-box retailers and manufacturers recently released their Q1 2022 financials; here’s a look at how each performed in the first quarter of this year.
The Home Depot
The Home Depot reported $38.9 billion in sales for the first quarter of 2022, up $1.4 billion or 3.8 percent from the same time period in 2021. Comparable sales increased 2.2 percent, and comparable sales in the U.S. was up 1.7 percent. The company reported net earnings of $4.2 billion, up from $4.1 billion last year, and $4.09 per diluted share, a jump of 6 percent from Q1 2021.
“Fiscal 2022 is off to a strong start as we delivered the highest first quarter sales in Company history,” says Ted Decker, CEO and president. “The solid performance in the quarter is even more impressive as we were comparing against last year’s historic growth and faced a slower start to spring this year. These results are a direct reflection of our associates’ continued ability to effectively navigate a challenging and dynamic environment. I would like to thank them and our many partners for their hard work and dedication to our customers.”
Lowe’s
In the first quarter of 2022, Lowe’s net earnings were at $2.3 billion, down slightly from the $24.4 billion in earnings from the first quarter of 2021. Diluted earnings per share (EPS) were $3.51, compared to $3.21 in Q1 2021. Comparable sales were down 4 percent, while pro customer sales increased 20 percent.
“Our sales this quarter were in line with our expectations, excluding our outdoor seasonal categories that were impacted by unseasonably cold temperatures in April. Because 75 percent of our customer base is DIY, our Q1 sales were disproportionately impacted by the cooler spring temperatures. Now that spring has finally arrived, we are pleased with the improved sales trends we are seeing in May,” says Marvin R. Ellison, Lowe’s chairman, president and CEO. “This quarter we delivered over 65 basis points of operating margin improvement, driven by our Total Home strategy and the execution of our Perpetual Productivity Improvement or PPI initiatives. Despite some increased uncertainty in the macro environment, we remain confident in the outlook for the home improvement market and our ability to deliver operating margin expansion in 2022. I would like to thank our front-line associates for their ongoing commitment to our customers and our communities.”
PPG
PPG Notches Record Q1 Sales
PPG released its financial report for the first quarter of 2022, reporting net sales of $4.3 billion, a record for the company. The Q1 sales were 11 percent higher than the same period in 2021. Organic sales growth was at 7 percent, led by higher selling prices, and the reported earnings per diluted share (EPS) hit $0.08 with an adjusted EPS of $1.37.
“We delivered record sales during the quarter despite ongoing supply chain disruptions along with the initial impacts of geopolitical issues in Europe and increasing COVID-19 restrictions in China,” says Michael H. McGarry, PPG chairman and chief executive officer. “On a two-year stacked basis, our selling prices are up about 12 percent over the first quarter of 2020 as we continue to manage through persistent and broad inflation. Sales also benefited from our recent acquisitions as Tikkurila and traffic solutions both delivered strong performances.”
Sherwin-Williams
The Sherwin-Williams Company shared its first quarter 2022 financial results, which showed a consolidated net sales increase of 7.4 percent to $5 billion. Net sales from stores in the U.S. and Canada that have been open for more than 12 calendar months increased 3.8 percent during the quarter.
Diluted net income per share decreased to $1.41 per share in the quarter compared to $1.51 per share during Q1 of 2021. Adjusted diluted net income per share decreased to $1.61 per share, down from $2.06 per share in Q1 2021.
“Our team delivered results in line with our expectations in an environment characterized by strong demand, ongoing cost inflation and choppy raw material availability that improved meaningfully in the final weeks of the quarter,” says chairman and chief executive officer, John G. Morikis. “We believe we are through the worst of the industry supply chain challenges, and the incremental architectural capacity we added late last year positions us well for the upcoming architectural painting season. We are a stronger and more nimble company than ever before, and the resolve and determination of our 61,000 global employees has never been higher. We remain confident in our strategy, our capabilities and the differentiated product and service solutions we bring to customers, as we expect to continue to outgrow the market long-term.”
