Lowe’s Q3 Sales Down 1% YOY, Earnings Down 6%

Mooresville, NC, November 20, 2024-Lowe’s reported total sales for Q3 2024 were $20.2 billion, a 1% decline compared to $20.5 billion in the prior-year quarter. Comparable sales for the quarter decreased 1.1%, driven by continued softness in DIY bigger-ticket discretionary demand, which was partly offset by storm-related sales and positive comparable sales in Pro and online.

For Q3 2024, Lowe’s reported net earnings of $1.7 billion, a 6% decline compared to $1.8 billion in the same period last year.

For the first nine months of 2024, net sales were $65.1 billion, a 4% decline from $67.8 billion in the same period last year. 

Net earnings for the first nine months of 2024 were $5.8 billion, down 13% compared to earnings of $6.7 billion in the same period last year.

“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,” said Marvin R. Ellison, Lowe’s chairman, president and CEO.  “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.  Next month at our Analyst and Investor Conference, I look forward to discussing our new growth and productivity initiatives, which underscore our confidence that we are well-positioned to capitalize on the expected recovery in home improvement.”  

As of November 1, Lowe’s operated 1,747 stores representing 195.0 million square feet of retail selling space.