Lowe’s Cos. reported Q3 revenues of $20.74 billion for the quarter, down 11.7 percent from a year earlier and falling short of analyst estimates of $20.87 billion. Adjusted earnings of $3.06 per share were down from $3.27 but edged out estimates of $3.05 per share. CEO Marvin Ellison pointed to a “greater-than-expected pullback in DIY discretionary spending, particularly in bigger ticket categories.”

As grocery retailers take criticism for high profits amidst an inflationary economy, George Weston Ltd. has released its third-quarter results. Its Loblaw business reported Loblaw revenue of $18.27 billion, an increase of $877 million, or five percent, over the same period in 2022. The company attributed the rise to an increase in retail sales and in financial services revenue. Loblaw’s retail sales were $17.98 billion, up $852 million, or five percent. Food retail same-store sales growth was 4.5 percent.

The Home Depot yesterday announced that it had entered into an agreement to acquire International Designs Group (IDG), a distributor of tile, stone, and other architectural specialty products for pro contractors. IDG owns finishes supplier Construction Resources, which has pro showrooms across the eastern and southeastern U.S. The world’s largest retailer is acquiring IDG from Mill Point Capital LLC, a private equity firm.

Retailers from Home Hardware to Hudson’s Bay are taking advantage of the Black Friday sale trend with discount promotions of their own.

Home Hardware has sales on a range of products on its website, offering 25 percent off DeWalt tools, Philips light bulbs, and BeautiTone paint. The retailer’s own BenchMark power tool line is boasting discounts of up to 55 percent.

Home Depot Canada has a prominent promotion on its site, inviting shoppers to “save on must-haves for the holiday season” with aggressive pricing on everything from power tools to holiday decorations. RONA’s website boasts “One Month of Black Friday Deals.”

Canac is investing $10 million in the expansion and renewal of its store in Quebec City’s Charlesbourg district. The store was lifted onto beams and moved by truck in what marketing director Patrick Delisle called “a maneuver you don’t often see.” The retail space is to be expanded by 10,000 square feet. For the time being, the store is open with limited inventory. It will close Dec. 4, with a reopening planned for the spring.

Last week, we reported on Home Depot’s Q3 numbers. Sales were off 3.1 percent in the quarter compared to Q3 last year.

CEO Ted Decker told analysts that Home Depot was experiencing “pressure in certain big ticket, discretionary categories.” Purchases over $1,000 were down 5.2 percent in the quarter.

Which departments are being affected the most? Billy Bastek, Home Depot’s EVP merchandising, said that “flooring, countertops, and cabinets” were seeing “softer engagement.” Pro-heavy categories like roofing, insulation, and power tools were still showing “big ticket strength,” he said.

West Fraser Timber Co. announced the completion of its acquisition of Spray Lake Sawmills in Cochrane, Alta. Spray Lake Sawmills produces treated wood products, dimensional lumber, and a variety of wood residuals and biproducts. It has an annual lumber capacity of 155 million board feet.

While Canadian Tire Corp. is forecasting slightly smaller margin rates across the company, the outlook is more positive for its Canadian Tire Retail business, which includes Canadian Tire-bannered dealers. According to TJ Flood, president of Canadian Tire Retail, “we are expecting full year margin rates at CTR to be slightly ahead of last year, and this is despite … what is going to be a tougher Q4 for us in CTR.” Flood was speaking to analysts on a call following the release of the company’s latest results.

Investment in building construction increased by 5.3 percent to $18.9 billion in September, according to StatCan data. Residential construction spending grew by 7.3 percent, reaching $12.9 billion. Manitoba’s 33.6 percent gain was the largest. Single family home investment increased 6.4 percent to $6.3 billion.

In a call to analysts yesterday, Walmart Inc. CEO Doug McMillon warned of deflation in the near future. “In the US, we may be managing through a period of deflation in the months to come,” McMillon said.

A dip in prices at the world’s largest retailer is not necessarily going to happen. But McMillon’s comment underscored the drop in U.S. inflation rates after the Federal Reserve has increased American interest rates multiple times.

Inflation in September was 3.8 percent in Canada, year-over-year. Inflation over the same period is slightly lower in the U.S. at 3.2 percent.