Welcome to Young Financ's flagship show, Morning Brief. I'm Julie Hyman. Let's get to the three things you need to know today.First up, US stock futures a little changed. That's after the major averages closed in the red yet again. This S&P 500 recording its fourth consecutive day of losses.That's the longest losing streak since August. The benchmark index has now fallen 3% this month. That's on track for its worst November since 2008.But the big focus for investors will be after the closing bell. Nvidia ea ...

Financial Data and Key Metrics Changes - Third quarter sales reached $20.8 billion, with comparable sales increasing by 0.4% year-over-year, despite a 100 basis point headwind from hurricanes [5][32] - Adjusted diluted earnings per share were $3.06, reflecting a 6% increase compared to the previous year [5][31] - Adjusted operating margin expanded by approximately 10 basis points, resulting in an adjusted operating margin rate of 12.4% [5][33] - Gross margin improved to 34.2%, up 50 basis points from the prior year [33] Business Line Data and Key Metrics Changes - Positive comparable sales were reported in 10 of 14 merchandise divisions, with notable strength in home decor, appliances, flooring, and paint [17][32] - Online sales grew by 11.4% during the quarter, driven by increased traffic and strong conversion rates [7] - Home services experienced double-digit growth, contributing to the overall positive performance [27] Market Data and Key Metrics Changes - The U.S. homeowner market remains healthy, with strong balance sheets and continued consumer spending, although affordability issues persist [14][15] - Home equity levels are high, averaging around $400,000, which may encourage homeowners to invest in their existing properties rather than moving [15][16] Company Strategy and Development Direction - The company is focused on its 2025 Total Home Strategy, which includes enhancing pro offerings, accelerating online sales, and leveraging loyalty programs [6][8] - The acquisition of Foundation Building Materials (FBM) aims to expand product offerings and enhance fulfillment capabilities, particularly in urban markets [12][13] - Investments in AI are expected to improve customer engagement and operational efficiency, with virtual assistants driving sales and customer satisfaction [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the macro environment, noting that lower interest rates could spur demand in the home improvement sector [15][16] - The company anticipates flat comparable sales for the year, with expectations of approximately $86 billion in total sales, including FBM [37] - Management highlighted the importance of operational discipline and strategic investments in positioning the company for long-term growth [38] Other Important Information - The company is on track to achieve a multi-year goal of reducing in-store SKU count by 15% by the end of 2025 [24] - The marketplace initiative is showing early promise, exceeding expectations in seller onboarding and customer adoption [78][80] Q&A Session Summary Question: How is the company thinking about the trend in the business in light of recent performance? - Management noted positive comp performance to start the quarter and improvements in top-line results since exiting October, indicating that key elements of the Total Home Strategy are working [41][42] Question: What has changed in the kitchen and bath category? - Management believes the company is taking market share in this space, supported by improved technology and a better go-to-market strategy [48][49] Question: Can you elaborate on the improving pro survey sentiment? - Management reported that 75% of small to medium pros feel confident in their job prospects, with ongoing investments in loyalty programs and fulfillment driving growth [55][57] Question: What is the company's strategy for the medium to larger pro market? - The strategy focuses on leveraging the MyLowe's Pro Rewards platform and enhancing product offerings to capture market share in the small to medium pro segment [70][71] Question: What is the initial performance of the marketplace? - Management expressed excitement about the marketplace launch, noting it is exceeding expectations in financial performance and seller quality [77][78]

Financial Data and Key Metrics Changes - Third quarter sales reached $20.8 billion, with comparable sales increasing by 0.4% year over year, despite a 100 basis point headwind from hurricanes [5][32] - Adjusted diluted earnings per share were $3.06, reflecting a 6% increase compared to the previous year [5][31] - Adjusted operating margin expanded by approximately 10 basis points, resulting in an adjusted operating margin rate of 12.4% [5][33] Business Line Data and Key Metrics Changes - Positive comparable sales were reported in 10 of 14 merchandise divisions, with notable strength in appliances, flooring, paint, and kitchens and bath [17][32] - Online sales grew by 11.4% during the quarter, driven by increased traffic and strong conversion rates [7] - Home services experienced double-digit comparable sales growth, indicating strong performance in this key initiative [27] Market Data and Key Metrics Changes - Monthly comparable sales were up 2.5% in August, 0.9% in September, and down 2.6% in October, reflecting storm-related demand impacts [32] - Inventory at the end of Q3 was $17.2 billion, down approximately $400 million year over year, aided by inventory productivity initiatives [33] Company Strategy and Development Direction - The company is focused on its 2025 Total Home Strategy, which includes enhancing pro offerings, accelerating online sales, and leveraging loyalty programs [6][8] - The acquisition of Foundation Building Materials (FBM) aims to expand product offerings and enhance fulfillment capabilities, particularly in urban markets [12][13] - Investments in AI capabilities are expected to improve customer engagement and operational efficiency [10][11] Management's Comments on Operating Environment and Future Outlook - The management expressed confidence in the long-term health of the home improvement sector, despite current consumer anxiety and economic uncertainty [15][16] - The potential for lower interest rates and strong homeowner equity could spur demand for home improvement projects [15][66] - The company anticipates flat comparable sales for the year, with expectations of approximately $86 billion in total sales, including FBM [37] Other Important Information - The company has been recognized for its AI adoption, achieving a milestone award from OpenAI [11] - The company is committed to supporting veterans through community initiatives, including the Freedom Hill project [29] Q&A Session Summary Question: Thoughts on business trends and performance outlook for 2026 - Management noted positive comp performance to start the quarter and improvements in top-line performance since exiting October, indicating that key elements of the Total Home Strategy are working [41][42] Question: Changes in kitchen and bath performance - Management believes Lowe's is gaining market share in the kitchen and bath space due to improved technology and a better go-to-market strategy [48][49] Question: Improving pro survey sentiment and its implications - Management reported that 75% of pros feel confident in their job prospects, with ongoing investments in loyalty programs and fulfillment driving growth [55][57] Question: Macro environment and housing market outlook - Management acknowledged elevated mortgage rates but highlighted strong homeowner equity as a potential driver for future discretionary spending [65][66] Question: Strategy for medium to larger pro customers - Management emphasized the importance of the Milo's Pro Rewards loyalty platform and the integration of FBM to enhance service offerings for pro customers [70][71]

Financial Data and Key Metrics Changes - Third quarter sales reached $20.8 billion, with comparable sales increasing by 0.4% year over year, despite a 100 basis point headwind from Hurricanes Helene and Milton [4][29] - Adjusted diluted earnings per share were $3.06, reflecting a 6% increase compared to the previous year [4][28] - Gross margin improved to 34.2%, up 50 basis points from the prior year [30] - Adjusted operating margin rate was 12.4%, an increase of 10 basis points year over year [30] - Inventory at the end of Q3 was $17.2 billion, down approximately $400 million compared to the previous year [30] Business Line Data and Key Metrics Changes - Positive comparable sales were reported in 10 of 14 merchandise divisions, with notable strength in appliances, flooring, paint, and kitchens and bath [15][29] - Online sales grew by 11.4% during the quarter, driven by increased traffic and strong conversion rates [5] - Home services experienced double-digit comparable sales growth, indicating strong performance in this key initiative [24] Market Data and Key Metrics Changes - The U.S. homeowner market remains healthy, with strong balance sheets and continued consumer spending, although affordability and economic uncertainty weigh on consumer confidence [12][13] - The average homeowner has record levels of equity, approximately $400,000, which may lead to increased investment in home improvement projects [13] Company Strategy and Development Direction - The company is focused on its 2025 Total Home Strategy, which includes enhancing pro offerings, accelerating online sales, and leveraging loyalty programs [5][6] - The acquisition of Foundation Building Materials (FBM) aims to expand product offerings and enhance fulfillment capabilities, particularly in urban markets [11][12] - Investments in AI are expected to improve customer engagement and operational efficiency, with virtual assistants significantly increasing conversion rates [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the long-term health of the home improvement sector, despite current macroeconomic uncertainties [14] - The company anticipates that lower interest rates could stimulate demand for home improvement projects, particularly through home equity loans [13][64] - The outlook for 2026 remains cautious, with expectations for flat comparable sales for the year [33] Other Important Information - The company is on track to achieve its multi-year goal of reducing in-store SKU count by 15% by the end of 2025 [21] - The marketplace initiative is showing early promise, exceeding expectations in seller onboarding and customer adoption [72][73] Q&A Session Summary Question: How is the business trend looking in light of recent performance? - Management noted positive comp performance to start the quarter, with improvements in top-line performance since exiting October [37][39] Question: What is the outlook for kitchen and bath categories? - Management believes Lowe's is gaining market share in kitchen and bath, supported by improved technology and product offerings [45][46] Question: Can you elaborate on the improving sentiment among pros? - The small to medium pro business remains stable, with 75% of pros feeling confident in their job prospects [52] Question: How does the company view the current housing market? - Management acknowledged elevated mortgage rates but highlighted the strong equity position of homeowners as a potential driver for future home improvement spending [62][64] Question: What are the early margin scenarios for FBM and ADG? - Initial estimates suggest a 50 basis point impact on margins in 2026, with a focus on gross margin improvements [56]

About this content About Angela Harmantas Angela Harmantas is an Editor at Proactive. She has over 15 years of experience covering the equity markets in North America, with a particular focus on junior resource stocks. Angela has reported from numerous countries around the world, including Canada, the US, Australia, Brazil, Ghana, and South Africa for leading trade publications. Previously, she worked in investor relations and led the foreign direct investment program in Canada for the Swedish government ...

Market Overview - Wall Street has experienced volatility recently, with stocks attempting to stabilize. Gold and silver prices are rising, while crude oil is declining. Treasuries and the dollar remain mostly flat [1]. Nvidia Corp. (NVDA) - Nvidia is set to report its quarterly results, with analysts expecting earnings per share of $1.25 and revenue of approximately $55 billion for Q3. The performance of Nvidia is critical as it may influence the broader AI stock market, which has faced significant declines recently [2]. Employment Data - The September jobs report is scheduled for release, with expectations of a job gain of about 50,000. This report was delayed due to the government shutdown, leaving investors and policymakers with limited information [3]. Lowe's Cos. (LOW) - Lowe's reported better-than-expected earnings per share, exceeding estimates by six cents. The company highlighted strong digital and contractor sales. Recently, Lowe's acquired Foundation Building Materials for $8.8 billion to enhance sales to contractors [5]. Target Corp. (TGT) - Target reported disappointing results, with same-store sales declining more than anticipated. The company has reduced its full-year earnings per share forecast and plans to invest $5 billion in store remodels and increasing shelf space for lower-priced seasonal items to regain momentum [6]. Adobe Inc. (ADBE) - Adobe is reportedly acquiring Semrush Holdings for $1.9 billion, translating to $12 per share, which is a significant premium over Semrush's previous closing price of $6.76. This acquisition aims to enhance Adobe's product offerings in online advertising and social media research [6].

Financial Performance - The company delivered positive comp sales growth[3] - Gross margin was 34.2%, a +50 basis points increase compared to the prior year[3] - Operating margin was 11.9%, a -65 basis points decrease compared to the prior year[3] - Adjusted operating margin was 12.4%, a +10 basis points increase compared to the prior year[3] - Diluted EPS was $2.88, a -3.7% decrease compared to the prior year[3] - Adjusted diluted EPS was $3.06, a +5.9% increase compared to the prior year[3] - The company returned $673 million to shareholders through dividends[3] Sales Trends - Overall comp sales increased by +0.4%[3] - Comp transactions increased by +2.5%[5] - Comp average ticket decreased by -2.6% to $106.26[5] - Online sales growth decreased by -3.0%[5] Strategic Initiatives - The company closed on the acquisition of Foundation Building Materials[1,6]

周三，劳氏公司(LOW.US)盘前涨逾5%，报232.0美元。消息面上，劳氏公司公布第三季度财报，营收为 208.1亿美元，与市场预期的208.2亿美元基本持平，调整后每股收益为3.06美元，超出市场平均预期的 2.97美元。公司预计全年总销售额为860亿美元，高于此前845亿至855亿美元的预期，增长得益于近期 的一项收购交易。 ...

智通财经APP获悉，周三，劳氏公司(LOW.US)盘前涨逾5%，报232.0美元。消息面上，劳氏公司公布第 三季度财报，营收为208.1亿美元，与市场预期的208.2亿美元基本持平，调整后每股收益为3.06美元， 超出市场平均预期的2.97美元。公司预计全年总销售额为860亿美元，高于此前845亿至855亿美元的预 期，增长得益于近期的一项收购交易。 ...

Financial Performance - Net earnings for Q3 2025 were $1.6 billion, with diluted EPS of $2.88, down from $2.99 in Q3 2024[1] - Total sales for the quarter reached $20.8 billion, an increase from $20.2 billion in the prior-year quarter, with comparable sales up 0.4%[1] - Adjusted diluted EPS for the quarter increased by 5.9% to $3.06, excluding acquisition-related expenses[1] - Net earnings for the nine months ended October 31, 2025, were $5,654 million, slightly down from $5,833 million for the same period in 2024, a decrease of about 3.1%[19] Sales and Growth - Online sales grew by 11.4%, contributing to double-digit growth in home services and continued growth in Pro sales[1] - Lowe's updated its full-year 2025 outlook, projecting total sales of approximately $86.0 billion, with adjusted diluted EPS expected to be around $12.25[11] Expenses and Investments - The company recognized $129 million in pre-tax expenses related to the acquisitions of Foundation Building Materials and Artisan Design Group[1] - Capital expenditures for the year are projected to be up to $2.5 billion[11] - The company recognized pre-tax expenses of $129 million related to the acquisition of Artisan Design Group and Foundation Building Materials during fiscal 2025[21] - The company reported a net cash used in investing activities of $11,687 million for the nine months ended October 31, 2025, compared to $1,320 million in the prior year, indicating a significant increase in investment outflows[19] Assets and Liabilities - Total assets increased to $53,453 million as of October 31, 2025, up from $44,743 million on November 1, 2024, representing a growth of approximately 19.1%[18] - Total liabilities rose to $63,835 million as of October 31, 2025, compared to $58,162 million on November 1, 2024, an increase of about 9.5%[18] - Current liabilities remained stable at $19,451 million as of October 31, 2025, compared to $19,447 million on November 1, 2024, showing minimal change[18] Cash Flow and Dividends - The company reported net cash provided by operating activities of $8,297 million for the nine months ended October 31, 2025, compared to $8,714 million in the prior year, a decline of approximately 4.8%[19] - Cash and cash equivalents decreased to $621 million at the end of the period from $3,271 million at the beginning, a decrease of approximately 81%[19] - The company paid $673 million in dividends during the quarter[3] Store Operations - The company operated 1,756 stores as of October 31, 2025, covering 195.8 million square feet of retail space[2] - Merchandise inventory decreased to $17,183 million as of October 31, 2025, from $17,566 million on November 1, 2024, a decline of about 2.2%[18] Tax Rate - The effective income tax rate is expected to be approximately 24.0%, down from a previous estimate of 24.5%[11]