Hardware Retailing The Industry's Source for Insights and Information
Lowe’s Companies released its third quarter financial results, posting $20.2 billion in total sales, compared to $20.5 billion in Q3 2023. Comparable sales for the quarter decreased 1.1%, driven by continued softness in DIY large-ticket discretionary demand, which was offset by storm-related sales and positive comparable sales online.
“Our results this quarter were modestly better than expected, even excluding storm-related activity, driven by high single-digit positive comps in pro, strong online sales and smaller-ticket outdoor DIY projects,” says Marvin Ellison, Lowe’s chairman, president and CEO. “I’d like to extend my heartfelt sympathy to those who suffered losses from Hurricanes Helene and Milton. I would also like to express my appreciation for our associates, suppliers and first responders for their commitment to the impacted communities. Next month at our Analyst and Investor Conference, I look forward to discussing our new growth and productivity initiatives, which underscore our confidence that we are well-positioned to capitalize on the expected recovery in home improvement.”
Based on third quarter results and anticipated modest storm-related demand in the fourth quarter, the company is updating its outlook for the operating results of full year 2024.
The total sales outlook for the year is expected to be $83 to $83.5 billion and comparable sales for Q4 are expected to be down 3 to 3.5%, compared to 3.5 to 4% year over year.
As of Nov. 1, Lowe’s operated 1,747 stores representing 195.0 million square feet of retail selling space.
