Sales down slightly for Lowe's in Q3 2024
North Carolina-based Lowe's is reporting total sales for the quarter of $20.2 billion, compared to $20.5 billion in the prior-year quarter.
Comparable sales for the quarter decreased 1.1 percent, which the company says was driven by continued softness in DIY bigger-ticket discretionary demand but was partly offset by storm-related sales and positive comparable sales in Pro and online.
"Our results this quarter were modestly better than expected, even excluding storm-related activity, driven by high-single-digit positive comps in Pro, strong online sales and smaller-ticket outdoor DIY projects," said Marvin R. Ellison, Lowe's chairman, president and CEO.
Ellison added: "I'd like to extend my heartfelt sympathy to those who suffered losses from Hurricanes Helene and Milton. I would also like to express my appreciation for our associates, suppliers and first responders for their commitment to the impacted communities. Next month at our Analyst and Investor Conference, I look forward to discussing our new growth and productivity initiatives, which underscore our confidence that we are well-positioned to capitalize on the expected recovery in home improvement."
Based on third quarter results and anticipated modest storm-related demand in the fourth quarter, the company is updating its outlook for the operating results of full year 2024.
Key predictions looking ahead include:
- Total sales of $83 to $83.5 billion (previously $82.7 to $83.2 billion).
- Comparable sales expected to be down -3.0 to -3.5 percent, as compared to prior year (previously down -3.5 to -4.0 percent).
- Net interest expense of approximately $1.3 billion (previously $1.4 billion).
- Capital expenditures of approximately $2 billion.
Read more about Lowe's Q3 financial results here.
