Home improvement retailer Lowe’s Companies (LOW) posted net earnings of $396 million for the quarter, or 35 cents a share. This is a 76% increase from the previous year, according to the second largest home improvement retailer’s quarterly report.
The increase in net earnings was a result of lower costs and higher revenue.
Over the past nine months, net earnings increased 10.1% from a year ago to $1.67 billion.
Sales for the 3Q increased 1.9% to $12.1 billion, compared to $11.9 billion from the previous year. For the nine-month period, sales increased 2.3% to $39.5 billion from the prior year.
"We are keenly focused on improving our core business," said chairman, president and CEO Robert A. Niblock of Lowe’s. "Our level of execution is improving and we delivered solid results in the third quarter. I would like to thank our employees for their continued dedication and customer focus."
Lowe’s repurchased $850 million, or 29.6 million shares, paying $184 million in dividends for 3Q.
Lowe’s operates 1,750 stores in the United States, Canada and Mexico, representing 197 million square feet of retail selling space.