The recent hurricanes propelled a Lowe’s sales surge in the third quarter, as the retailer, and the home improvement channel overall, received a boost from the cleanup and rebuilding efforts.
Comparable sales for the home improvement business in the U.S. increased 5.1% versus the year-prior quarter. Overall sales for the third quarter advanced to $16.77 billion from $15.74 billion in the period a year previous. The company noted that hurricane-related sales in the quarter were approximately $200 million.
Lowe’s posted net earnings of $872 million and diluted earnings per share of $1.05 for the quarter ended November 3, versus net earnings of $379 million and diluted earnings per share of 43 cents in the 2016 period. Diluted earnings per share increased 19.3% from adjusted diluted earnings per share of 88 cents in the quarter a year earlier. Lowe’s earnings per dilutes share topped a MarketBeat-published analyst average estimate of $1.04.
“During the third quarter, we drove traffic in-store and online with compelling messaging and integrated customer experiences,” said Robert Niblock, Lowe’s chairman, president and CEO. “We continue to invest in omnichannel capabilities to enhance value for customers and shareholders. I am also pleased with the progress we’ve made to enhance our product and service offering for the pro customer, delivering another quarter of comparable sales above the company average.”
