Lowe's Companies, a US-based leading home improvement retailer, has reported total sales of $20.5 billion for the third quarter of fiscal 2023 (Q3 FY23), experiencing a 7.4 per cent decrease in comparable sales.

The company's net earnings for the quarter, which ended on November 3, 2023, stood at $1.8 billion. Lowe's also reported a substantial increase in diluted earnings per share (EPS), reaching $3.06, compared to just $0.25 in the same quarter of the previous year, the company said in a press release.

During Q3 FY23, Lowe's expanded its retail footprint by opening one new store and three Lowe's Outlet stores. As of November 3, 2023, the company operates 1,746 stores, encompassing a total retail selling space of 194.9 million square feet.

"In the third quarter, the company delivered strong operating performance and improved customer service," said Marvin R Ellison, Lowe's chairman, president and CEO. "As we look ahead, Lowe's is committed to offering value and convenience this holiday season, helping our customers save time and money. I'd like to extend my appreciation to our hardworking front-line associates who continue to elevate the customer experience."

Looking ahead to FY23, Lowe's has adjusted its financial outlook. The company now anticipates total sales of approximately $86 billion, a downward revision from its previous forecast of $87 to $89 billion. Comparable sales are expected to be down by around 5 per cent, compared to the previously estimated decline of 2 per cent to 4 per cent. The adjusted operating income as a percentage of sales (adjusted operating margin) is projected to be about 13.3 per cent, slightly lower than the previously anticipated range of 13.4 per cent to 13.6 per cent. Furthermore, the company has revised its expectation for adjusted diluted EPS to around $13, down from the earlier forecast of $13.20 to $13.60.

Fibre2Fashion News Desk (DP)

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