Lowe’s has posted net earnings of $1.6 billion, down from $1.69 billion, for the quarter ending October 31, with sales increasing to $20.8 billion, up from $20.2 billion in the same period last year.
The company saw a $129 million pre-tax expense from the acquisitions of Foundation Building Materials (FBM) and Artisan Design Group (ADG).
Comparable sales rose 0.4 per cent, driven by an 11.4 per cent increase in online sales, double-digit growth in home services and continued demand in Pro sales.
“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 Marvin R Ellison, chairman, president and CEO.
“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.”
At the end of the quarter, Lowe’s operated 1756 stores across the US, totalling nearly 196 million sqft of retail space.
The company also issued updated full-year guidance, citing economic uncertainty and the integration of FBM.
Moving forward, Lowe’s forecasts total sales of $86 billion, flat comparable sales, and an adjusted operating margin of 12.1 per cent for its full-year outlook.
