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Robert Niblock

Lowe's 3Q Profit Misses But Sales Continue to Rise

Lowe's (NYSE:LOW) slightly missed Wall Street expectations for third-quarter earnings, despite 26% profit growth and stronger-than-expected sales.The home improvement retailer raised its full-year view, calling for earnings of $2.15 a share and sales growth of 6%. Lowe's previously expected $2.10 a share and 5% sales growth. Same-store sales are now projected to climb 5%, up from a prior estimate of 4.5%.In the latest quarter, Lowe's net income climbed to $499 million from $396 a year earlier. Per-share earnings checked in at 47 cents versus 35 cents, falling short of estimates by a penny.Revenue jumped 7.3% to $12.96 billion, which beat calls for $12.72 billion.Comparable sales widened 6.2%, but Lowe's continues to lag behind Home Depot (NYSE:HD). On Tuesday, the larger rival said its same-store sales were up 7.4% in the third period.Both retailers have benefited from an uptick in housing activity, which drives sales of tools, lumber, appliances and other products sold at the stores.C...

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