Lowe’s (NYSE: LOW) on Tuesday reported third-quarter earnings and sales that outpaced analysts' expectations, as more shoppers turned up for emergency supplies and repairs following devastating hurricanes and wildfires.
Lowe's reported earnings of $1.05 a share, excluding items, compared with Wall Street expectations of $1.02 per share. Revenue was $16.77 billion, versus $16.59 billion. Same-store sales climbed 5.7%, compared with an anticipated increase of 4.6%
Lowe's said Tuesday it bought back $500 million in stock during the third quarter. As of Monday's market close, Lowe's shares have climbed more than 14% in 2017.
According to CEO Robert Niblock, "During the third quarter, we drove traffic in-store and online with compelling messaging and integrated customer experiences. We continue to invest in omni-channel capabilities to enhance value for customers and shareholders,"
"I am also pleased with the progress we've made to enhance our product and service offering for the Pro customer, delivering another quarter of comparable sales above the company average.
Earlier this year, Lowe's rolled out a virtual realty experience that offers do-it-yourself assistance through tutorials inside Lowe's Holoroom. Then, in September, Lowe's launched two new augmented reality apps — one for measuring an object, or distance, within the phone's camera view, and one for viewing images of furnishings, at scale, within a user's own home.
As of Nov. 3, Lowe's operated 2,144 home improvement and hardware stores in the United States, Canada and Mexico representing 214.2 million square feet of retail selling space.
Lowe’s shares dipped four cents first thing Tuesday morning to $81.42
