Lowe’s third-quarter earnings were released the day after Home Depot posted domestic comp-store sales of growth of 4.5 percent.Lowe’s executives echoed remarks made by Home Depot executives regarding continued demand for products across the store, even in the face of inflation worries and housing slowdowns.
“Some of you have asked if we're seeing a shift away from discretionary purchases which is what we typically expect to see in a softer macro environment,” said Boltz. “And the straightforward answer is, no.”
As an example, Boltz pointed to a 12-foot, lighted, animated Halloween mummy with a price tag of more than $300. The product sold out early. “One could argue that this is one of the most discretionary items we sell,” he said. “And with Halloween in total being a highly discretionary category, this continues to give us a positive indication of the strength of our consumer.”
As of Oct. 28, 2022, Lowe’s said it operated 1,969 home improvement and hardware stores in. the U.S. and Canada representing 208 million square feet of retail selling space, and it serviced approximately 212 dealer-owned stores.
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The Bottom Line: Lowe’s sales moved ahead 3% for Q3 2022 to almost $24 billion.
What the CEO said:“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,” said Marvin Ellison, chair, president and CEO of Lowe’s.
Company info: Click HERE to read the Q3 2022 financial report from Lowe’s.