More Home Improvements, Bigger Profit For Lowe's
Lowe's increased its profit for the most recent quarter by 26 percent compared to the same period a year ago. The earnings report for the Mooresville-based home improvement company beat analyst expectations.
Although the overall retail market has been weak lately, Lowe's earnings show a growing number of consumers willing to upgrade appliances, renovate decks and take on other home projects.
On a call with investors, CEO Robert Niblock said the company's same-store sales in the U.S. increased 5 percent compared to the same quarter a year ago.
"We had strength in seasonal living as customers took the opportunity to extend the outdoor season driven by warmer and drier weather early in the quarter," he said. "Tools and hardware also performed well as both pro and DIY customers responded to the improvements we continue to make in our assortment."
The Mooresville-based company's main rival, Atlanta-based Home Depot, also beat analyst expectations in its most recent quarter. Stock in both companies is up more than 23 percent from a year ago, although Home Depot's is worth more and rising faster.