Lowe's Rides Housing Rebound to Higher Profit
Mooresville, NC, Aug. 21, 2013 -- Lowe's reported that its second-quarter net income rose 26%, thanks to the housing market recovery.
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Like Home Depot, the home-improvement chain's results beat expectations and the company raised its earnings and revenue forecasts Wednesday.
Lowe's earned $941 million, or $0.88 per share. That's up from $747 million, or $0.64 per share, a year ago.
Sales rose 10% to $15.71 billion from $14.25 billion.
Revenue at stores open at least a year rose 9.6%.