Lowe's Companies, Inc. (NYSE: LOW), the home improvement retailer, announced its financial results for the third quarter ended Nov. 3, 2017. Helped by hurricane-related purchases, the results beat previous estimates.
For the third quarter, sales of the company rose 6.5% to $16.8 billion from $15.7 billion in the same period of 2016. The result beat analysts’ estimates of $16.59 billion. Same-store sales increased 5.7% in the third quarter, which was previously estimated to be increasing 4.6%.
Net income rose from $379 million, or $0.43 per share, a year earlier, to $872 million, or $1.05 a share, for the third quarter, which beat estimates of $1.02 per share.
“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,” Robert A. Niblock, the chairman, president and CEO of Lowe's, said in the announcement on Tuesday.
“I am incredibly proud of our team's unwavering commitment to serving customers and their communities every day. This commitment was especially evident this quarter, as our employees mounted the largest natural disaster response in our history,” he added.