US home improvement retailer Lowe's Companies has recorded $1.69bn in net earnings for the third quarter of the fiscal year 2024, with figures falling from $1.77bn in the corresponding quarter of the previous year.
The company's diluted earnings per share (EPS) also saw a reduction, coming in at $2.99 in Q3 FY24, compared to $3.06 in Q3 FY23.
Total sales of Lowe's for the quarter ending 1 November 2024 were $20.17bn, compared with $20.47bn in the same period of the previous year.
Comparable sales for the quarter decreased by 1.1%. This was attributed to a continued downturn in DIY bigger-ticket discretionary demand, partially mitigated by storm-related sales and positive comparable sales in Pro and online segments.
During the period, Lowe's realised a pre-tax gain of $54m associated with the sale of its Canadian retail business in 2022.
Operating income for the quarter was reported at $2.53bn - a decrease from $2.69bn in the same quarter of the previous year.
Lowe's chairman, president and CEO Marvin Ellison said: "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.
"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.”
For the nine previous months, company net sales were $ 65.12bn and net earnings amounted to $5.83bn.
Following the third-quarter results and expected moderate storm-related demand in the fourth quarter, the company is now revising its forecast for the full-year operating performance of 2024.
Looking ahead to the full year 2024, it anticipates total sales to be between $83bn and $83.5bn, with comparable sales expected to decline between -3.0% and -3.5%, from previous forecasts of between -3.5% and -4.0%.
As of 1 November 2024, Lowe's operated 1,747 stores with a total retail space of 195.0 million ft².
