Lowe’s Sales Steady as Consumers Continue Investments in Home


Lowe’s Companies, Inc. on Wednesday (Nov. 17) reported $22.9 billion in total sales for the third quarter of fiscal 2021, ended Oct. 29, up from $22.3 billion at the same time in 2020.

The company’s comparable sales were up 2.2% in the same period, while U.S. portion of the company’s comparable sales rose 2.6% for the third quarter.

“Our momentum continued this quarter, with U.S. sales comps up nearly 34% on a two-year basis, as our Total Home strategy is resonating with the Pro and DIY customer alike,” said Marvin R. Ellison, Lowe’s chairman, president and CEO, in the company announcement.

In the quarter, Lowe’s saw 16% growth in its Pro program and 25% growth in online sales.

“Looking forward, I remain confident in our ability to drive further market share gains, operating margin expansion, and long-term value for our shareholders,” Ellison said.

Lowe’s has 1,973 home improvement and hardware stores in the U.S. and Canada representing 208 million square feet of retail selling space as of Oct. 29 and oversees about 230 dealer-owned stores.

Related: Lowe’s to Add Room-Scanning Tool to App

Lowe’s will debut a beta version of the Measure Your Space feature on its app before the end of the first quarter of 2022, allowing users to scan a room and measure and estimate its home improvement needs as part of the company’s vision for what it calls “spatial commerce.”

Measure Your Space will be available through the Lowe’s iOS app for iPhone 12 Pro/Pro Max, iPhone 13 Pro/Pro Max and iPad Pro users with a focus on flooring, one of the most popular home improvement projects, initially before branching out into other areas.

About 5 million people a year do their own flooring, carpeting or paneling jobs.

In October, Lowe’s also debuted the One Roof Media Network, a retail media service that includes various omnichannel advertising services to boost home lifestyle brands and data-driven insights into customer behavior and home-based trends, with a customized advertising program.