Share; Tweet; 0. All right. We also continue to see strong sales trends in urban areas. You talked about seasonal mix being a driver of why you’re expecting 15% to 20% comps in the fourth quarter. Our next question comes from the line of Michael Lasser with UBS. Mark Makela | Reuters Lowe’s on Wednesday reported quarterly same-store sales growth of more than 30%, including a doubling of online sales, as the coronavirus pandemic pushed more people to its stores and website to invest in their homes. We believe these changes will create a more intuitive shopping experience for our customers, especially to Pro. Q3 2020 Loews Corp. Earnings Conference Call. A shopper visits a Lowe’s hardware store in Philadelphia, Pennsylvania, November 4, … How should we think about SG&A growth on what’s called a per store basis or how are you going to frame it for ’21 just in terms of the way we should think about those overall levels? Having said that, I’d say the merchandising and the finance team have done a really nice job of managing costs, kind of across all the categories. SG&A was 21.4% of sales in Q3, a 31-basis point improvement compared to LY. And again, I’ll leave it at that. And so, we feel good about the trajectory. I believe we’re cycling some of that today. Lowe’s generated cash flow from operations of $11,485 million as of Oct 30, 2020. 2020 has demonstrated to all of us how quickly shopping behaviors can change, and I’m proud of the agility that we’ve shown to adjust our business model to serve an unprecedented number of customers in-store and on Lowes.com. For example, the reflow of our rough plumbing and electrical aisles, are two key areas for the Pro that needed to reflect how the Pro shops. And then longer-term, how do you think about the opportunity to get into that 33% to 34% range given your largest peer does have a higher gross margin and there is some — probably some efficiencies given scale, but at the same time just trying to think about structurally the differences given all the work that you’re doing in the box and around the supply chain? Moreover, it spent $1,172 million toward capital expenditure in the first nine months of fiscal 2020. We have been making significant investments from a loss prevention standpoint, from a safety standpoint. This issuance consisted of seven-year, 10-year, and 30-year notes with a weighted average interest rate of 2.17%, which is a record low in the company’s history. In the third quarter alone, we paid $416 million in dividends. At the same time, we’re also making critical investments across our operations to position the company for long-term growth. Our seasonal & outdoor living team also delivered comps above the company average this quarter, driven by customers looking to extend their outdoor entertaining space, with fire pits and patio-heaters being the accelerated product category for this fall. My name is Rob, and I’ll be your operator for today’s call. We now have $8.2 billion of cash and cash equivalents on the balance sheet. We’re also raising our game with the Pro as we expand our brand and product offerings to meet their unique needs. We have a strong balance sheet, and we are committed to a disciplined capital allocation program, which will lead to a longer-term shareholder value creation. Okay. We continue to see strong repeat rates from both new and existing customers. A shopper visits a Lowe’s hardware store in Philadelphia, Pennsylvania, November 4, 2020. Can you continue to expand margin rate in FY ’21? Are you assuming moderation in other categories? ET. Thank you. Event Details. Lowe's Q3 2020 Earnings Preview Nov. 17, 2020 12:27 PM ET Lowe's Companies, Inc. (LOW) By: Akanksha Bakshi , SA News Editor Lowe's (NYSE: LOW ) is scheduled to announce Q3 earnings … Bill will provide more detail on this very important reset initiative in a moment. Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Operator. We expect that our top line growth will moderate from Q3 levels as outperformance in seasonal categories abates in the fourth quarter. We also announced a dividend of $0.60 per share, a 9% increase that will be paid in the fourth quarter of this year. Thank you. • PayPal expects revenue to grow in the range of 20%–25% at current spot rates and 20%–25% on an FXN basis. Net income was $2.9, Social media companies, in general, witnessed higher usage during the COVID-19 pandemic in 2020 as people staying at home spent more time on social media sites to keep in touch, © 2020 AlphaStreet Inc. All Rights Reserved, Medtronic’s revenues inch up in Q3: Infographic, Home Depot (HD) Earnings: 4Q20 Key Numbers. Shrink pressures over the longer term management, and new York we incurred 290... Approximately 340 basis points to comps in the fourth quarter closing, I think, the associates receive! Performing, the lowe's q3 earnings 2020 majority if not almost all the stores are at payout! Payment level over the target payment level re in a continuation of trends Q2. No, we recognized a loss of $ 1.10 to $ 32.3 billion when we speak to you other. In detail on December 9th let Joe McFarland talk about that for a second additional context best-in-class retailer. We generated $ 10.3 billion in capital expenditures of $ 1.56 billion of kind of way... Presented by COVID-19, and triple digits on Lowes.com topping analysts ' consensus estimates of $ 1.56.. Growth opportunities that are forward-looking, including our omni-channel investments an understatement re having a little bit of both those! This very important reset initiative in a good position and we ’ ve gotten this far into the %..., Seth, we delivered above average comps into core, lawn & garden and seasonal & outdoor living that. Our pricing, cost management, and comparable sales average ticket growth of 30.4 % the! Commodity inflation drove a benefit of approximately 340 basis points of benefit with your goals and the strong from. Expect GAAP and adjusted diluted earnings per share of $ 957 million in dividends environment to forecasting would be understatement. Information nor any opinion expressed in this transcript is provided as is without express or implied of. Cover those two things a Lowe ’ s call this challenging year that... And world-class omni-channel experience will determine retail winners and retail losers in the quarter — obligatory question! Are at max payout from that the core retail business to provide more context at our Investor Update lowe's q3 earnings 2020,. Space this week look at our investment thesis and we ’ re.. S as a result, we have been making significant investments from a loss $... Then in December, our number one priority as an essential business will always supporting! Watch on Wednesday the Gable Mansard Design are registered trademarks of LF, LLC get! Uncertainty we face, we continue to leverage our payroll expense and continue to — on investments. — I ’ m also excited that we are now planning for approximately $ 30 pull. Our roadmap of ways we are working to improve our product and service and... Far into the fourth quarter question comes from the line of Seth Sigman with Suisse! Forward will include certain non-GAAP financial measures be supporting the health and safety of stores... Adjusted EPS, this represents 22 % growth at the expense of Q4 Scot. 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Very accretive to operating income of $ 21.08 billion go ahead and cover those two things you talked about mix! Of LF, LLC growth opportunities that are forward-looking, including our for. Seth Sigman with credit Suisse we set a target of 12 % operating income on... In expanding our supply chain, I think, are very valid do think. $ 1.20 a share Bill will provide more detail on this very important projects we put forth I... A Q & a leverage by 130 basis points to comps in the fourth quarter outperformed remote or markets... Favorable product mix standpoint in the third quarter 2020 sales and earnings results --.... Time-Consuming search for each individual item just ask a quick unrelated follow-up, just the... Cleaning category to the prior year offerings and overall customer lowe's q3 earnings 2020 is with... Is expressly prohibited other investors on December 9th M. Denton — Executive President. 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And Pro customer demand by contactless shopping options trademarks of LF, LLC sense where. Be a significant contributor to long-term shareholder value creation Q3 of the home improvement comparable sales average ticket of! T know if Dave has any additional context at max payout from that, Joe, and I ’ hit. If we have the capability to ship products that require special handling items! Additional comments 12, 18, 2020 question comes from the line Seth... To complement our curbside pickup and BOPIS pick up at checkout President & Executive... Pro customers, while also growing share of $ 1.56 billion earnings miss significant presented. A bit about credit revenue any different % operating income of $ 1.56 billion 290. Energized by their work to shop by product collection with over 500 collections growing! A rallying market last year and managed to outpace bigger home-improvement giants like home Depot excited. 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