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US home décor retailer Lowe's posts sales of $23 bn; raises outlook
03 Dec 21 1 min read
Third quarter (Q3) sales at Lowe's Companies, a US-based home improvement retailer, has increased by 2.2 per cent to $22.9 billion compared to the sales in the corresponding quarter of previous fiscal. The company further raised its outlook due to strong results in the first three quarters and now expects sales to jump by 33 per cent to approximately $95 billion during FY21.
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“Our momentum continued this quarter, with US sales comps up nearly 34 per cent 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 per cent growth in Pro and 25 per cent on Lowes.com,” Marvin Ellison, Lowe's chairman, president and CEO, said in a press release.
The American home textiles retailer’s net earnings for the three-month period ended on October 29, 2021, shot up to $1.9 billion (Q3 FY20: $692 million). While operating income accelerated to $2.8 billion ($2.1 billion).
“We also delivered operating margin expansion by driving productivity through disciplined operational execution and cost management. Looking forward, I remain confident in our ability to drive further market share gains, operating margin expansion, and long-term value for our shareholders,” Ellison concluded.
Fibre2Fashion News Desk (JL)
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