Home Depot Earnings: Home Depot reported first-quarter earnings of $3.86 per share, which beat the estimate of $3.07, and reported quarterly revenue of $37.5 billion, which beat the estimate of $34.89 billion.
“Fiscal 2021 is off to a strong start as we continue to build on the momentum from our strategic investments and effectively manage the unprecedented demand for home improvement projects,” said Craig Menear, chairman and CEO of Home Depot.
Lowe’s Earnings: Lowe’s reported first-quarter earnings of $3.21 per share, which beat the estimate of $2.54, and reported quarterly revenue of $24.4 billion, which beat the estimate of $23.35 billion.
“Our outstanding performance continued this quarter, as we delivered strong sales growth and operating margin expansion. We delivered over 30% growth in Pro, over 18% growth in all 15 U.S. regions and growth in Canada that outpaced the U.S.,” said Marvin Ellison, president and CEO of Lowe’s.
Sharma Comments: Rahul Sharma, founder and managing director of Neev Capital, told Benzinga that Home Depot and Lowe’s are the only two major players in the large home improvement market and this gives the pair cost advantages.
But big story is how strong DIY duopoly is. $230bn+…