2017 is shaping up to be a better year than 2016 for Lowe’s, with sales and earnings increasing in its first nine months, including in the third quarter.
Net earnings for the first three quarters were $2.9 billion, versus $2.4 billion for the same timeframe in 2016, according to the company’s Nov. 21 report.
The company’s net earnings of $872 million in third-quarter 2017 were more than double the company’s net earnings in third-quarter 2016, which were hit by expenses related to shutting down a failed retail venture in Australia.
In addition, Lowe’s sales for 2017’s third quarter increased to $16.8 billion, which is growth of 6.5 percent from the same period in 2016. Same-store sales for U.S. stores went up 5.1 percent for the quarter.
“During the third quarter, we drove traffic in-store and online with compelling messaging and integrated customer experiences,” says Robert A. Niblock, Lowe’s chairman, president and CEO.
Sales for the year’s first nine months were $53.1 billion, which was a 7.9 percent year-over-year increase.
Hurricane-related sales in the quarter were approximately $200 million, according to Lowe’s.
“I am incredibly proud of our team’s unwavering commitment to serving customers and their communities every day. This commitment was especially evident this quarter, as our employees mounted the largest natural disaster response in our history,” Niblock says. “Our merchant, vendor, logistics and store teams worked together seamlessly to ensure customers had the right products to protect and repair their homes, and we remain committed to helping impacted communities rebuild in the months ahead.”
Lowe’s is headquartered in Mooreseville, North Carolina, and operates 2,144 home improvement stores in the U.S., Canada and Mexico.