Lowe’s Companies reported fiscal first‑quarter results that topped Wall Street expectations, delivering $23.08 billion in revenue versus the $22.97 billion analysts had projected. The home‑improvement retailer said a 10 percent year‑over‑year revenue increase was driven by solid spring execution, a 15.5 percent surge in online sales, and robust performance in appliances, home services and professional‑contractor sales.

Net income for the quarter ending May 1 was $1.63 billion, or $2.90 per share, slightly below the year‑ago $1.64 billion but with adjusted earnings of $3.03 per share after stripping one‑time acquisition costs. Comparable sales rose 0.6 percent, marking the fourth consecutive quarter of positive comps despite a “challenging housing macro,” according to CEO Marvin Ellison.

Ellison noted that while DIY demand remains under pressure from elevated interest rates, higher costs and low housing turnover, the company continues to gain market share. He highlighted a “K‑shaped” economy where higher‑income consumers are still spending, offsetting pullbacks from lower‑income shoppers. The retailer reaffirmed its full‑year outlook, projecting total sales of $92 billion to $94 billion—a 7 to 9 percent increase—and comparable sales that should be flat to up 2 percent.

The earnings call also addressed external pressures, including soaring gas prices and broader macro concerns that are dampening consumer sentiment. Although the impact on the first quarter was minimal, executives expect higher fuel costs to pose greater challenges going forward. Lowe’s remains focused on disciplined execution of its total‑home strategy and is monitoring potential tariff refunds that could help mitigate rising fuel expenses.