Published February 25, 2013
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)