Lowe's 4Q profit meets analysts' estimates

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Associated Press

Posted on February 26, 2014 at 7:00 AM

Updated Wednesday, Feb 26 at 7:02 AM

MOORESVILE, N.C. (AP) — Lowe's fiscal fourth-quarter net income rose 6 percent, as the home-improvement retailer continued to benefit from the housing market's recovery.

The Mooresville, N.C., company also announced a new $5 billion stock repurchase program on Wednesday.

Lowe's Cos. earned $306 million, or 29 cents per share, for the period ended Jan. 31. That's up from $288 million, or 26 cents per share, a year ago.

Excluding impairment charges, earnings were 31 cents per share. That matched analysts' estimates.

Revenue rose 6 percent to $11.66 billion from $11.05 billion. Wall Street forecast $11.67 billion.

Sales at stores open at least a year increased 3.9 percent.

Lowe's financial report comes a day after larger rival Home Depot Inc.'s results topped analysts' estimates on cost cuts despite sluggish sales.

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