Lowe's Sales Surge On Weather, Credit Discount |
| Wall Street Journal - Feb 27, 2012 |
Lowe's Cos. (LOW), reporting a 13% earnings increase in the fiscal fourth quarter, reported its strongest same-store sales growth in nearly six years Monday as consumers warmed to home improvement on the company's credit-card discount program and pleasant weather.
In an interview, Chairman and Chief Executive Robert A. Niblock said the home-improvement retailer saw an uptick in consumers' willingness to spend. He said easing unemployment and less preoccupation with housing-price declines are likely improving consumer sentiment.
Separately Monday, the National Association of Realtors said the number of U.S. buyers who signed contracts to purchase previously owned homes grew in January to the highest level in 21 months, another signal that the housing market is beginning to recover.
In the latest period, Lowe's same-store sales rose 3.4%, beating Lowe's guidance for flat to up 1%. That's the strongest rate of growth since early 2006. Comparable sales were positive in all the company's regions and in all but three product categories.
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- Posted: 2012-02-27 12:44:11
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