Lowe's traffic ticks up in store and online in Q3

Profit doubles for Lowe's

Associated Press

Earnings of $1.05 a share, excluding items, compared with a forecast profit of $1.02 per share.

Lowe's revenue topped out at $16.77 billion, while Wall Street was expecting it to be $16.59 billion.

Lowe's Companies, Inc. shares rose $0.94 (+1.15%) in premarket trading Tuesday. Comparable sales for the US home improvement business increased 5.1 percent for the third quarter.

Net earnings were also a highlight in the period, ended November 3, jumping 130% to $872 million, or $1.05 per diluted share, versus $379 million, or $0.43 per diluted share, a year ago.

Robert Niblock, Lowe's chairman, president and CEO, said, "During the third quarter, we drove traffic in-store and online with compelling messaging and integrated customer experiences".

Lowe's Companies, Inc. (NYSE:LOW) early Tuesday posted market-beating third quarter earnings and backed its full-year outlook, as sales at established stores jumped significantly higher amid hurricane-related fix needs.

Comparable sales are still expected to increase approximately 3.5 percent; while total sales are expected to increase approximately 5 percent.

Sales for the third quarter increased 6.5 percent to $16.8 billion from $15.7 billion in 2016.

Comparable sales increased 5.7 percent. Lowe's also expects to have added about 25 home improvement and hardware stores before the year is over. He'll be succeeded by Richard Maltsbarger, who is now the company's chief development officer.

One analyst said the only negative about Lowe's quarterly numbers was that Home Depot, its biggest rival, posted growth in same store sales that was even higher at 7.9%.

In a push to lure younger shoppers, Lowe's has been experimenting with technology and opened up "smart home centers" in some of its stores ahead of the holidays.

In September, the company launched another two augmented reality apps of which one was for measuring objects or distance within the camera view of a phone, and one was to view images of furnishing to scale within the own home of the user.

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