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 company also announced a new
Its stock surged in premarket trading.
The U.S. housing market has emerged from a deep slump, aided by rising home prices, steady job growth and fewer troubled loans dating back to the housing-bubble days. That has spurred customers to spend more to renovate their homes.
But housing demand this year could slow in 2014 and that in turn might slow down spending on homes.
Chairman, President and CEO
"When extreme winter weather arrived late in the quarter, our distribution network responded quickly and efficiently to move product where it was most needed," he added.
Excluding impairment charges, earnings were
Lowe's shares gained
Revenue rose 6 percent to
Sales at stores open at least a year increased 3.9 percent. This figure is a key gauge of a retailer's health because it excludes results from stores recently opened or closed.
Lowe's financial report comes a day after larger rival
The home improvement retailers' results are being reported as new data shows U.S. home prices fell for the second straight month in December as cold weather, tight supply and higher costs slowed sales. The Standard & Poor's/Case-Shiller 20-city home price index declined 0.1 percent from November to December. And other reports have showed that home sales and construction have slowed after strong gains last year. Most economists expect the housing recovery will continue this year, though likely at a slower pace.
For the full year, Lowe's earned
Looking ahead, the company foresees fiscal 2014 earnings of about
Analysts expect earnings of
Lowe's also announced a new
Lowe's had 1,832 stores in the U.S.,
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