by Comp-store sales rise .4%, supported by growth in online sales and double-digit growth in home services, Pro sales
MOORESVILLE, N.C. — Home improvement retailer Lowe’s Inc. reported a slight increase in sales for its third quarter ended Oct. 31.
It reported $20.8 billion in sales, compared with $20.2 billion in the same period last year. It also said comparable-store sales rose .4%, supported by an 11.4% increase in online sales as well as double-digit growth in home services and continued growth in Pro sales.
It also reported net earnings of $1.6 billion, or $2.88 per share, compared with $1.7 billion, or $2.99 per share, the same period last year.
Operating income totaled $2.48 billion, or 11.9% of sales compared with $2.53 billion, or 12.6% of sales last year. Gross income totaled $7.1 billion, or 31.2% of sales compared with $6.8 billion, or 33.7% of sales the year prior.
“The company delivered another quarter of positive comp sales, and we’re pleased to start November with positive comps as well, despite headwinds related to hurricane activity in the prior year,” said Lowe’s Chairman, President and CEO Marvin R. Ellison. “With the closing of the FBM acquisition last month, we look forward to enhancing our offering to Pro customers and creating more sustainable, long-term sales and profit expansion for the company. I would like to thank our associates for their hard work and dedication to the business.”
Furniture and bedding are becoming an increasingly important part of the company’s e-commerce platform. Its website features a wide mix that includes bedroom, dining and kitchen furniture, upholstery and occasional, office furniture, entryway furniture and mattresses.
Items can be purchased online and either picked up in-store or delivered to the customer’s home.
In 2024, the company was ranked No. 26 on Home News Now’s 125 Furniture & Bedding retailers, with estimated sales in the categories of $675 million.
According to its latest financial statement, the company operated 1,756 stores, representing nearly 196 million square feet of retail selling space as of Oct. 31.
