Lowe's quarterly sales beat Wall Street estimates

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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)

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Copyright 2012 Thomson Reuters. All rights reserved.

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