Lowe's net income rises
Home improvement retailers are seeing signs of life as housing starts to improve.
The Associated Press
Lowe's (LOW) fourth-quarter net income rose 39% as homeowners took on more renovation projects in the slowly recovering economy.
The No. 2 home improvement retailer says net income rose to $285 million, or 21 cents per share, from $205 million, or 14 cents per share, a year ago. Analysts surveyed by FactSet expected 18 cents per share.
The Mooresville, N.C., company says revenue rose 3% to $10.48 billion. Analysts expected $10.44 billion.
Home improvement retailers are seeing signs of life from shoppers as the housing industry slowly improves and consumers slowly start to spend normally again after a slowdown during the recession.
Home Depot said Tuesday that its fourth-quarter net income rose 72%, while revenue rose 4% to $15.13 billion.
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[BRIEFING.COM] The S&P 500 (+0.1%) hovers right above its flat line with seven sectors sporting gains.
Market participants received just one economic data point today (June Pending Home Sales -1.1%), but the rest of the week will bring a full slate of data. Tomorrow, the Case-Shiller 20-city Index (Briefing.com consensus 10.0%) will be released at 9:00 ET, while the July Consumer Confidence report (consensus 85.6) will cross the wires at 10:00 ET.
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