Lowe’s reported net earnings of $1.8 billion in the third quarter of 2023, compared to earnings of $154 million in the same period last year, which was impacted by an asset impairment of $2.1 billion related to the company’s Canadian retail business.
The company’s net sales reached $20.5 billion in the third quarter of 2023, a 12.8% decline compared with the third quarter of 2022.
"In the third quarter, the company delivered strong operating performance and improved customer service despite a greater-than-expected pullback in DIY discretionary spending, particularly in bigger ticket categories,” Lowe’s President, Chairman and CEO Marvin Ellison said in a statement.
Lowe’s operated 1,746 stores at the end of the quarter. The company’s full financial report can be found here.
