Lowe's quarterly sales beat Wall Street estimates
November 19, 2012 10:35 PM EST
Lowe's Cos Inc reported a higher quarterly profit on Monday as preparation and rebuilding efforts tied to superstorm Sandy boosted sales at the world's No. 2 home improvement chain.
Sales rose 1.9 percent to $12.1 billion in the third quarter ended November 2, while analysts on average expected $11.9 billion, according to Thomson Reuters I/B/E/S.
Sales at stores open at least year rose 1.8 percent both globally and in the United States.
Net income rose to $396 million, or 35 cents per share, from $225 million, or 18 cents per share, a year earlier.
Mooresville, North Carolina-based Lowe's, which has stores in the United States, Canada and Mexico, still expects total sales to be flat for the fiscal year ending on January 31. It also maintained its full-year profit forecast of $1.64 a share.
(Reporting by Phil Wahba in New York; Additional reporting by Dhanya Skariachan; Editing by Lisa Von Ahn)
Most Popular Slideshows
- Taylor Swift Named Forbes' Second Highest Paid Country Musician [PHOTOS]
- Forever Lost: Indescribable Anguish for Malaysia Airlines MH17 Families, Remains of Some Victims May Never Be Found (PHOTOS)
- Global Aviation Accidents: UN to Form Safety Task Force, Gov'ts Should Share Intelligence Info to Avert Future Incidents on Flying Over Warzones (PHOTOS)
- PageSix: Beyonce & Jay Z Union is Not About Love, All About Business & the Brand
Join the Conversation
- Samsung Galaxy S5 Alpha Leaks Online: Release Date, Five Features to Wait for New Smart Phone
- Freshly Leaked Apple iPad Air 2 Cases Confirm Touch ID Sensor; Release Date, Limited Specs and Price Listed
- Photos of Motorola Moto X+1 Prototype and Specs Leak Online, Release Date, Four Fresh Features Revealed
- Moto X Android 4.4.4 KitKat Update Guide: Schedule and How to Install
- Sony Xperia Z3: Release Date, Five Features to Expect from New Android Smart Phone
- Top Surprising Features Of iOS 8
- Top 4 Reasons Why iPhone 6 Will Hit Big Soon After its Sept 2014 Release Date