Home improvement surging ahead of holidays

Lowe’s said its third quarter same store sales spiked 5.1% a day after Home Depot reported an even stronger increase.



Total company sales increased 5.6% to $13.7 billion driven by increased productivity of existing stores as evidenced by a 5.1% comp increase. Home Depot said its third quarter same store sales increased 5.8%. Lowe’s profits increased 17.3% to $585 million while earnings per share increased 25.5% to 59 cents and were aided by $900 million in share repurchase activity.



"We are pleased with our performance, and continue to be cautiously optimistic about the home improvement landscape," said Lowe’s chairman, president and CEO Robert Niblock.



Looking ahead, the company said it expects full year sales to increase 4.5% to 5% and same store sales to increase 3.5% to 4%. The company plans to open six home improve stores and four hardware stores this year. Lowe’s currently operates 1,836 home improvement and hardware stores.