Lowe's 2Q profit rises as weather improves
MOORESVILLE, N.C. (AP) — Lowe's second-quarter net income increased 10 percent, bolstered by improving weather.
The home improvement company's performance beat analysts' expectations, but the Mooresville, North Carolina, company lowered its full-year revenue outlook slightly, citing its year-to-date sales and prior assumptions for the second half.
Lowe's Cos. earned $1.04 billion, or $1.04 per share, for the three months ended Aug. 1. A year earlier it earned $941 million, or 88 cents per share.
Analysts expected $1.02 per share.
Revenue rose 6 percent to $16.6 billion from $15.71 billion, topping Wall Street's $16.57 billion forecast.
Sales at stores open at least a year, a key indicator of a retailer's health, climbed 4.4 percent.
Lowe's now anticipates full-year revenue rising about 4.5 percent. Its prior outlook was for an approximately 5 percent increase.