Home improvement retailer Lowe’s Companies, Inc. on Nov. 16 reported 2022 third-quarter sales of $23.5 billion, an increase over the same quarter last year but a decline from the $27.5 billion it reported in 2022’s second quarter. Comparable sales increased 3% for 3Q 2022, Lowe’s said.
Lowe’s reported 3Q net earnings of $154 million and diluted earnings per share of $0.25 for the quarter ended Oct. 28. This included a pre-tax non-cash asset impairment charge of $2.1 billion related to its Canadian retail business, compared to diluted EPS of $2.73 in 3Q 2021.
“We delivered better-than-expected results this quarter, with U.S. comps up 3%, driven by Pro growth of 19% and improved DIY sales trends,” said Marvin R. Ellison, Lowe’s Chairman, President and CEO. “Sales on Lowes.com grew 12%, on top of 25% growth last year. We also drove substantial improvement in adjusted operating margin through disciplined execution and cost management. This enabled us to award $200 million in bonuses to our front-line hourly associates, while also announcing $170 million in permanent wage increases. I am pleased that we are once again able to share the success of the company with our hard-working front-line associates, and I look forward to discussing our next chapter of growth at our Analyst & Investor Conference in December.”
The company said it is increasing its full-year 2022 financial outlook reflecting “stronger-than-expected operating results,” including total sales of approximately $97-98 billion.