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.
Copyright 2011 The Associated Press. All rights reserved.
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