Lowe’s 3Q Sales and Earnings Up

The company reported 2021 3Q net earnings of $1.9 billion and sales of $22.9 billion, according to the latest earnings announcement.
Lowe's 2021 3Q earnings

Lowe’s Companies, Inc. (NYSE: LOW), Mooresville, North Carolina, reported 2021 third-quarter net earnings of $1.9 billion and diluted earnings per share (EPS) of $2.73, compared to net earnings of $692 million and diluted EPS of $0.91 in the third quarter of 2020.

Excluding charges in the prior-year period related to the extinguishment of debt, 3Q diluted EPS of $2.73 increased 38% from adjusted diluted EPS of $1.98 in the third quarter of last year.

Total sales for 3Q were $22.9 billion, compared to $22.3 billion in the third quarter of 2020, and comparable sales increased 2.2%. Comparable sales for the U.S. home improvement business increased 2.6% for the third quarter.

“Our momentum continued this quarter, with U.S. sales comps up nearly 34% on a two-year basis, as our Total Home strategy is resonating with the Pro and DIY customer alike. In the quarter, we drove over 16% growth in Pro and 25% on Lowes.com. We also delivered operating margin expansion by driving productivity through disciplined operational execution and cost management,” said Marvin R. Ellison, Lowe’s chairman, president and CEO. “I would like to thank our front-line associates for their ongoing dedication to outstanding customer service. Looking forward, I remain confident in our ability to drive further market share gains, operating margin expansion, and long-term value for our shareholders.”

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