Hardware Retailing The Industry's Source for Insights and Information
Lowe’s reported third-quarter net earnings of $499 million, up 26 percent from the same period last year but below the $503.5 million estimate, and a 6.2 percent increase in same-store sales.
Sales were also up 7.3 percent to $13 billion, above the $12.7 billion estimate, however shares opened down 3.7 percent at $48.59.
CEO Robert Niblock indicated that the recovering housing market bolstered results. “The home improvement industry is poised for persisting growth in the fourth quarter and further acceleration in 2014,” he said.
Lowe’s updated its full year guidance, and now forecasts 6 percent sales growth, an increase of a percentage point from previous projections. The company also expects same-store sales to grow 5 percent, up from 4.5 percent.
