Lowe’s Cos. Inc. (NYSE: LOW), Mooresville, North Carolina, on Wednesday reported revenue for the third quarter of $22.3 billion, up 28.3% from the year-ago quarter. Comparable sales increased 30.1%, and comparable sales for the U.S. home improvement business increased 30.4% for the third quarter.
The company reported profit of $692 million and diluted earnings per share (EPS) of 91 cents for the quarter, compared with a profit of $1 billion and diluted EPS of $1.90 in the third quarter of 2019.
In the third quarter, the company said it invested $245 million in COVID-related support of frontline hourly associates, bringing its total COVID-related associate financial support to more than $800 million this year. The company said it has invested more than $1.1 billion in “COVID-related support for its associates, store safety and community pandemic relief through the first nine months of fiscal 2020.”
“Strong execution enabled us to meet continued broad-based demand, as we delivered over 15% growth in all merchandising departments, over 20% growth across all geographic regions. and triple-digit growth online,” said Marvin Ellison, Lowe’s president and CEO. “We continued to invest in the future growth of the company, including a $100 million investment in the quarter as part of an ongoing effort to reset the layout of our U.S. stores, making them easier to shop with improved product adjacencies, especially for Pro customers. Our omni-channel transformation continued in the third quarter with further investments in Lowes.com and our supply chain. I remain confident that we are making the right strategic investments to deliver sustainable, long-term growth. I would also like to thank our outstanding frontline associates for their unwavering commitment to customer service and safety.”