Lowe’s made $775 in profit after adjustments in the third quarter of 2016, an increase of 5.3 percent compared with the company’s third quarter 2015 profit of $736 million, according to its SEC filing.
Without adjustments, the company made $379 million. The adjustments came from non-cash, pre-tax charges of $290 million due to a wind down of a its Hydrox joint venture in Australia, $96 million related to write-offs for canceled projects and $76 million related to goodwill and long-lived asset impairments associated with the company’s Orchard Supply Hardwood operations.
Sales in the third quarter of 2016 were $15.7 billion, an increase of 9.02 percent from $14.4 billion in the third quarter of 2015. Comparable store sales increased 2.6 percent.
"Our third quarter operating results were below our expectations due to slower sales in the first two months of the quarter," said Robert Niblock, Lowe's chairman, president and CEO, in a statement. "While we expected moderation in the second half of the year, traffic slowed more than we anticipated in August and September before improving in October, which put pressure on our profitability in the quarter.”
