News Column

Lowe's Profit Slips in Q4

Feb. 25, 2013

Andrew Dunn, The Charlotte Observer

Lowe's

Profit at Lowe's Inc. slipped more than 10 percent in the fourth quarter but bested analysts expectations.

A portion of the difference can be attributed to the Mooresville-based company's fiscal calendar. Its fourth quarter ends on the Friday nearest the end of January, meaning that the most recent quarter was a week shorter than that in 2011.

The company's fourth quarter earnings per share of 26 cents were unchanged from a year ago. Full-year net income rose 6.5 percent to $1.9 billion.

In a statement, CEO Robert Niblock called the results "solid" and attributed some of the performance to reconstruction and remodeling after superstorm Sandy.

Executives at Lowe's, the country's second-biggest home improvement chain, will host a conference call with analysts at 9 a.m.



Source: (c)2013 The Charlotte Observer (Charlotte, N.C.) Distributed by MCT Information Services


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