Q3 net profit increased 174% year-on-year! Lowe's raised its full-year sales forecast!

It is learned that according to foreign media reports, on November 17, Lowe's, a leading home furnishing retailer in the United States, announced that its net profit for the third quarter of 2021 was better than market expectations, and its revenue also exceeded market expectations. In addition, as consumer demand for home improvement tools and building materials continues to rise, Lowe's has raised its full-year sales forecast.

Here are the highlights from Lowe's Q3 earnings, as reported:

• Lowe's total sales for the quarter reached $22.9 billion, up 2.7% year-over-year (compared to $22.3 billion in the same period last year);

• Net profit was US$1.896 billion, up 174% year-on-year (9.75% last year), far exceeding expectations;

• Gross profit margin increased from 32.7% in the same period last year to 33.1% now;

• Store sales increased by 16%, and online sales increased by more than 25%;

• Same-store sales increased 2.2%, with same-store sales in the U.S. home improvement business increasing 2.6%;

• Cost of sales was $15.331 billion, up 2% year-over-year, but selling, general and administrative expenses were $4.373 billion, down 8% year-over-year.

Lowe's Chief Executive Officer Marvin R. Ellison said that while customer transaction volume declined this quarter, the average order value increased to $82.38, an increase of 12.9%.

It is learned that as of October 29, 2021, Lowe's operated a total of 1,973 home improvement and hardware stores in the United States and Canada, with approximately 208 million square feet of retail sales area.

Editor ✎ Nicole/

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