Home Depot and Lowe’s both announced their third-quarter 2019 financial results this week. Explore each big-box retailer’s individual results using the links below.
- Sales: $27.2 billion
- Net Earnings: $2.8 billion
- Key Takeaway: Because sales were lower than anticipated, Home Depot lowered its sales projections for fiscal year 2019.
“Our third-quarter results reflected broad-based growth across our business, yet sales were below our expectations driven by the timing of certain benefits associated with our One Home Depot strategic investments,” says Home Depot president and CEO Craig Menear.
- Sales: $17.4 billion
- Net Earnings: $1 billion
- Key Takeaway: Lowe’s announced its plan to close 34 underperforming stores across Canada and restructure its executive team overseeing the country.
“We were pleased with the performance of our U.S. home improvement stores, which reflects a solid macroeconomic backdrop and continued progress in our transformation driven by investments in customer experience, improved merchandise category performance, and continued growth of our pro business,” says Lowe’s president and CEO Marvin Ellison.
Put in Context
For more information on how Home Depot, Lowe’s and other home improvement leaders fared in fiscal year 2018, be sure you’re subscribed to receive the December 2019 issue of Hardware Retailing. That issue includes the 2019 Market Measure, a complete financial overview of the home improvement industry.