Lowe’s Q3 sales rise 6.5%

Lowe’s, the world’s second-largest home improvement retailer, reported sales increased 6.5% to $16.8 billion for the third quarter ended Nov. 3, up from sales of $15.7 billion in the third quarter of 2016. Comp-store sales increased 5.7% for the period.

The Mooresville, N.C.-based company said hurricane-related sales in the quarter were approximately $200 million.

For the nine-month period, sales increased 7.9% to $53.1 billion over the same period a year ago, and comp sales increased 4%. Additionally, comp sales for Lowe’s U.S. home improvement business increased 5.1% for the third quarter and 3.9% for the nine-month period, the company reported.

Lowe's also posted net earnings of $872 million for the third quarter compared to net earnings of $379 million in the third quarter a year ago. During the nine-month period, net earnings were $2.9 billion compared to net earnings of $2.4 billion during the first nine months of 2016. The company's earnings benefited from the sale of its interest in its Australian join venture earlier this year.

"During the third quarter, we drove traffic in-store and online with compelling messaging and integrated customer experiences. We continue to invest in omni-channel capabilities to enhance value for customers and shareholders," Lowe’s Chairman, President, and CEO Robert Niblock said. "I am also pleased with the progress we've made to enhance our product and service offering for the pro customer, delivering another quarter of comparable sales above the company average.”

As of Nov. 3, Lowe's operated 2,144 home stores in the United States, Canada, and Mexico.

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