Lowe’s Q3 results diluted by acquisitions

MOORESVILLE, N.C. ― Lowe’s sales in the third quarter increased 9.6% to $15.7 billion, from $14.4 billion in the third quarter of 2015, with same-store sales up 2.7%. Profits of $379 million were negatively impacted by the costs related to the wind-down of its business interests in Australia (a failed joint-venture with Woolworths to build the Masters chain of big boxes), the acquisition of RONA in Canada, and costs related to its development of the Orchard Supply home centre business. Year-to-date sales are up 7.4%.