Hardware Retailing The Industry's Source for Insights and Information
According to a press release by Lowe’s, the company announced net earnings of $585 million for the third quarter, which ended Oct. 31. These earnings were a 17.3-percent increase over the same period a year ago. Diluted earnings per share increased 25.5 percent to $0.59 from $0.47 in the third quarter of 2013. In addition, net earnings increased 13.5 percent from the same period a year ago to $2.25 billion, and diluted earnings per share increased 21.7 percent to $2.24. Comparable sales for the quarter increased 5.1 percent.
An article in Fortune shines a light on the fact that the positive results from both Home Depot and Lowe’s third-quarter results show that the home improvement industry is continuing to draw in customers, while other brick and mortar retailers face slower trends in consumer spending. The article also states that, according to Commerce Department data, “sales at building material, garden equipment and supplies dealers retailers have risen 4.7 percent in the first 10 months of the year… [which] exceeds the overall retail and food services industry.”
To read the Lowe’s press release, click here.
To read the Fortune article, click here.
