Lowe's Profit Soars on Lower Costs

Lowe's Cos. fiscal third-quarter earnings jumped 76%, as the home-improvement retailer's revenue edged up and charges diminished.

Lowe's and bigger rival Home Depot Inc. HD +1.46%both benefited from disaster-preparation sales at the end of the period spurred by superstorm Sandy in the Northeast. Lowe's had the added benefit of some initial Sandy repair demand, as its fiscal calendar closed a handful of days later than Home Depot's.

Same-store sales at Lowe's rose 1.8% in the latest period, which was stronger than Wall Street expectations. The company also raised its sales expectations for the year, predicting same-store sales growth of about 1% and top-line revenue growth of 2% on a 52-week basis, compared with its prior view of 0.5% and 1%, respectively. Lowe's had a 53rd week in the prior fiscal year.

Read Full Article from Wall Street Journal

- Posted: 2012-11-19 14:42:33

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