Lowe’s (NYSE: LOW) stated that high inflation has yet to hurt sales after reporting strong third-quarter earnings that beat Wall Street expectations. Subsequently, the company boosted its full-year earnings. Shares were up over 3% Wednesday.
The American retail company reported earnings of USD3.27 per share, compared to the expected USD3.10 a share. Revenue amounted to USD23.48 Billion, higher than analysts anticipated USD23.13 Billion.
“We delivered better-than-expected results this quarter, with U.S. comps up 3%, driven by Pro-growth of 19% and improved DIY sales trends. Sales on Lowes.com grew 12%, on top of 25% growth last year. We also drove substantial improvement in adjusted operating margin through disciplined execution and cost management. This enabled us to award $200 million in bonuses to our front-line hourly associates, while also announcing $170 million in permanent wage increases,” commented Marvin R. Ellison, Lowe’s chairman, president, and CEO. “I am pleased that we are once again able to share the success of the company with our hard-working front-line associates, and I look forward to discussing our next chapter of growth at our Analyst & Investor Conference in December.”
According to Lowe’s its earnings were driven by a 19% growth in its professional segment, as well as a 12% growth in website sales.