Lowe’s Q3 Sales up 2.7%, Earnings Up 274.6%
November 17, 2021 from Floor Focus FloorDaily.net News
Mooresville, NC, November 17, 2021 – Lowe’s reported total sales for Q3 2021 were $22.9 billion, a 2.7% increase compared to $22.3 billion in Q3 2020. Comparable sales increased 2.2%. Comparable sales for the U.S. home improvement business increased 2.6% for Q3.
Net earnings were $1.9 billion in Q3 2021, a 274.6% increase compared to net earnings of $692 million in Q3 2020.
For the first nine months of 2021, net sales were $74.9 billion, compared to $69.3 billion in the first nine months of 2020, a 108.1% increase.
Net earnings for the first nine months of 2021 were $7.2 billion, a 146.9% increase compared to net earnings of $4.9 billion in Q3 2020.
“Our momentum continued this quarter, with U.S. sales comps up nearly 34% on a two-year basis, as our Total Home strategy is resonating with the Pro and DIY customer alike. In the quarter, we drove over 16% growth in Pro and 25% on Lowes.com. We also delivered operating margin expansion by driving productivity through disciplined operational execution and cost management,” commented Marvin R. Ellison, Lowe’s chairman, president and CEO.
As of October 29, Lowe’s operated 1,973 home improvement and hardware stores in the United States and Canada.
According to the Floor Focus’ retail survey, published in the November 2021 issue, Lowe’s is the second-largest flooring retailer in the U.S. with an estimated $4.8 billion in flooring sales.