MOORESVILLE, NC -- Lowe's Companies, Inc., the world's second largest home improvement retailer, reported net earnings of $499 million for the quarter ended November 1, 2013, a 26 percent increase over the same period a year ago.
Sales for the quarter increased 7.3 percent to $13.0 billion from $12.1 billion in the third quarter of 2012, and comparable sales for the quarter increased 6.2 percent.
"I am pleased we delivered another solid quarter driven by balanced performance," commented Robert A. Niblock, Lowe's chairman, president and CEO. "This balanced performance resulted from our improved collaboration and execution within a strengthening home improvement market, combined with our employees' hard work and continued dedication to serving customers.
"The home improvement industry is poised for persisting growth in the fourth quarter and further acceleration in 2014," Niblock added.
Delivering on the commitment to return excess cash to shareholders, the company repurchased $761 million of stock and paid $191 million in dividends in the quarter. For the nine month period, the company repurchased $2.8 billion and paid $543 million in dividends.
As of November 1, 2013, Lowe's operated 1,831 home improvement and hardware stores in the United States, Canada and Mexico, representing 200.1 million square feet of retail selling space.
Lowe's Business Outlook
Based on its year-to-date performance and outlook for the balance of the year, the company raised its fiscal year 2013 guidance.