Lowe's Cos Inc's quarterly results beat analysts' estimates as sales benefited from rebuilding after Hurricane Sandy and the retailer's efforts to improve product selection and customer service.
The world`s No. 2 home improvement chain, which also kept a tight lid on costs, said on Monday that net income was $288 million, or 26 cents a share, in the fourth quarter ended on February 1, compared with $322 million, or 26 cents a share, a year earlier.
Analysts on average were expecting a profit of 23 cents a share, according to Thomson Reuters I/B/E/S.
Sales fell 5 percent to $11.05 billion, but exceeded the analysts' average estimate of $10.84 billion. Sandy made landfall five days before the start of Lowe's fourth quarter.
Sales at Lowe's stores open at least a year rose 1.9 percent both globally and in the United States.
(Reporting by Dhanya Skariachan; Editing by Lisa Von Ahn)