Earlier in the week, Lowe's Cos. (LOW) said in the third quarter it saw improved sales in several major big-ticket categories, including major appliances and flooring projects.
Same-store-sales declines for Lowe's progressively moderated as Q3 advanced, with October same-store sales only dropping 5.6%, following a 7.9% decline in September and an 8.7% drop in August. For the full quarter, same-store sales fell 7.5%, an improvement over the second-quarter's 9.5% decline.
The firm sees inventory in better shape than a year ago and also sees signs that consumers are responding to good deals and promotions -- underscoring the firm's optimism.
"We certainly do feel better about how things are trending," CFO Robert Hull said.
Lowe's Chairman and Chief Executive Robert Niblock said appliances, flooring and interior paint posted same-store sales increases. A recent consumer survey found that flooring projects as well as kitchen and bath face-lifts are at the top of consumers' lists of planned home improvement projects.
"The fact that these types of projects are at the top of homeowners' to-do lists is encouraging," Niblock said.
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