Lowe's Reports Q3 Sales Increase of 28%, Earnings Decline 34%
Mooresville, NC, November 18, 2020-Lowe’s reported Q3 2020 sales of $22.3 billion, compared to Q3 2019 sales of $17.4 billion, an increase of 28%.
Comparable sales for the U.S. home improvement business increased 30.4% for Q3.
Earnings in Q3 2020 were $692 million, compared to $1.049 billion in Q3 2019, a decline of 34%. The decline was due to “a $1.1 billion pre-tax loss on extinguishment of debt in connection with the company’s third quarter $3.0 billion cash tend.”
The company’s internet sales increased by 106%.
For the first nine months of 2020, net sales were $69.3 billion, compared to $56.1 billion in the first nine months of 2019, a 23.5% increase.
Net earnings for the first nine months of 2020 were $4.9 billion, compared to $3.8 billion in the same period last year, a 29% increase.
"Strong execution enabled us to meet continued broad-based demand, as we delivered over 15% growth in all merchandising departments, over 20% growth across all geographic regions. and triple-digit growth online. 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 U.S. stores, making them easier to shop with improved product adjacencies, especially for Pro customers. 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. I would also like to thank our outstanding frontline associates for their unwavering commitment to customer service and safety," commented Marvin R. Ellison, Lowe's president and CEO.