Lowe’s Companies, a US-based home improvement retail company, has announced 30.1 per cent sales jump to $22.3 billion in its third quarter (Q3) FY20 that ended on October 30, 2020, compared to the sales of $17.4 billion in same period prior year. Company’s net earnings for the reported quarter slipped to $692 million (Q3 FY19: $1.0 billion).
“Strong execution enabled us to meet continued broad-based demand, as we delivered over 15 per cent growth in all merchandising departments, over 20 per cent growth across all geographic regions. and triple-digit growth online,” Marvin Ellison, Lowe’s president and CEO, said in a press release.
Gross margin during Q3 FY20 increased to $7.3 billion ($5.6 billion). Operating income grew to $2.1 billion ($1.5 billion).
“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 US stores, making them easier to shop with improved product adjacencies, especially for Pro customers,” Ellison said.
“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,” Ellison said.
For the fourth quarter, company expects comparable sales to rise 15-20 per cent