Lowe’s CEO and President Marvin Ellison
MOORESVILLE, N.C. — Lowe’s Cos. reported its Q3 net income fell to $692 million ($0.91 per share) from $1.05 billion ($1.36 per share) a year prior. When controlling for a $1.1 billion pre-tax loss from debt payments, earnings were $1.98 per share, just one cent shy of analyst expectations.
Sales rose to $22.31 billion from $17.39 billion in Q3 of 2019, up a healthy 28 percent, and exceeding estimates of $21.25 billion. Same-store sales surged by 30.1 percent, with comps in the U.S. up 30.4 percent.
In the third quarter, the company invested $245 million in COVID-related support for frontline hourly workers, bringing its total COVID-related associate financial support to more than $800 million this year.
