Home improvement retailer Lowe's reported net earnings of $1.9 billion for the quarter ended Oct. 29, a healthy jump compared to 2020 Q3 net earnings of $692 million.
Total sales for Q3 were $22.9 billion compared to $22.3 billion in the third quarter of 2020, and comparable sales increased 2.2%. Comparable sales for the U.S. home improvement business increased 2.6% for the third quarter, according to a press release on the earnings data.
"Our momentum continued this quarter, with U.S. sales comps up nearly 34% on a two-year basis, as our Total Home strategy is resonating with the Pro and DIY customer alike. In the quarter, we drove over 16% growth in Pro and 25% on Lowes.com. We also delivered operating margin expansion by driving productivity through disciplined operational execution and cost management," Marvin R. Ellison, Lowe's chairman, president and CEO, said in the release. "I would like to thank our front-line associates for their ongoing dedication to outstanding customer service. Looking forward, I remain confident in our ability to drive further market share gains, operating margin expansion and long-term value for our shareholders."
As of Oct. 29, Lowe's operated 1,973 home improvement and hardware stores in the U.S. and Canada.
The Q3 earnings were due to a boost in online sales though same-store sales increased by 2.2%, which beat analysts' expectations, according to a CNBC report.
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