Lowe's Earnings, Net Income Up Sharply

Mooresville, NC, Nov. 20, 2013 -- Home improvement firm Lowe's reported third quarter net earnings of $499 million, a 26.0% increase over the same period a year ago.

Earnings per share increased 34.3% to $0.47 from $0.35 in the third quarter of 2012.

Sales for the quarter increased 7.3% to $13.0 billion from $12.1 billion in the third quarter of 2012, and comparable sales for the quarter increased 6.2%.

"The home improvement industry is poised for persisting growth in the fourth quarter and further acceleration in 2014," said CEO Robert A. Niblock.

Based on its year-to-date performance and outlook for the balance of the year, the company raised its fiscal year 2013 guidance.