Lowe's Sales Rose 2.6% in Q3, Earnings Declined
Mooresville, NC, November 16, 2022-Lowe’s reported net sales for Q3 2022 were $23.5 billion, a 2.6% increase compared to sales of $22.9 billion in Q3 2021. Comparable sales increased 2.2%. Comparable sales for the U.S. home improvement business increased 3.0% for Q3.
Net earnings for Q3 were $154 million, a decline compared to earnings of $1.896 billion in Q3 2021.
Net sales for the first nine months of 2022 were $74.6 billion, a 0.4% decline compared to sales of $74.9 billion in the same period last year.
Earnings declined 23.6% from $7.2 billion in the first three nine months of 2021 to $5.5 billion in the same period this year.
“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. 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,” commented Marvin R. Ellison, Lowe’s chairman, president and CEO.