Lowe’s Companies, Inc. (NYSE: LOW) has reported a modest increase in revenues for the third quarter of fiscal 2022. Comparable store sales of the home improvement chain increased during the period.
At $23.5 billion, third-quarter revenues were up 2% from the prior-year quarter. Total comparable store sales increased by 2.2%, while the U.S. home improvement comparable sales moved up by 3%.
Net income plunged to $154 million in the most recent quarter from $1.89 billion in the third quarter of 2021. On a per-share basis, earnings fell sharply to $0.25 per share from $2.73 per share last year.
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“I am pleased that we are once again able to share the success of the company with our hard-working front-line associates, and I look forward to discussing our next chapter of growth at our Analyst & Investor Conference in December,” said Marvin Ellison, Lowe’s chief executive officer.