Lowe’s (LOW) reports Q3 2020 earnings miss


A shopper visits a Lowe’s hardware store in Philadelphia, Pennsylvania, November 4, 2020.

Mark Makela | Reuters

Lowe’s on Wednesday reported quarterly same-store sales growth of more than 30%, including a doubling of online sales, as the coronavirus pandemic pushed more people to its stores and website to invest in their homes.

Its shares were falling more than 6% in premarket trading.

Here’s how the home improvement company did during its fiscal third quarter compared with what analysts were expecting, based on Refinitiv data:

  • Earnings per share: $1.98, adjusted, vs. $1.99 expected
  • Revenue: $22.31 billion vs. $21.25 billion expected

The results from Lowe’s come one day after its larger rival Home Depot reported third-quarter earnings that beat estimates, as consumers continued to focus on home improvement during the coronavirus pandemic and sales surged 24% from a year ago.

As of Tuesday’s market close, Lowe’s shares are up roughly 33% this year. The company has a market cap of $120.8 billion.

Find the full earnings press release from Lowe’s here.

This story is developing. Please check back for updates.



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