Did Lowe's Gain Market Share in Q1?
The home improvement industry has been experiencing surging sales since the onset of the coronavirus pandemic. Earlier in May, Home Depot (NYSE: HD) reported first-quarter results that were far better than expected. Similarly, when Lowe's (NYSE: LOW) reported first-quarter results, it beat analyst estimates by a wide margin.
Using those results, let's try to uncover whether Lowe's gained market share in a quarter where the home improvement market grew robustly overall.
In a direct comparison, Home Depot grew sales by 32.7% year over year in the first quarter, and Lowe's increased sales by 24.1% from the same quarter last year. Looking at the results head to head, the indication is that Home Depot increased revenue much faster than Lowe's. And in fact, Home Depot CEO Craig Menear said in the first-quarter conference call that "it appears that we picked up about 170 points in share overall, based on the March data that was put out by the government."
Source Fool.com
