Lowe's Q2 income rises

Mooresville, N.C. -- Lowe’s second-quarter net income rose 26%, boosted by strong demand for its product.

For the period ended Aug. 2, Lowe’s earned $941 million, up from $747 million a year ago.

“Home improvement demand was strong during the quarter,” said Lowe’s CEO Robert Niblock. “We drove a healthy balance of ticket and transaction growth, and delivered solid performance across all product categories.”

Lowe’s Cos. reported second-quarter sales of $15.7 billion, up 10.3% from $14.2 billion in the same quarter last year.

Same-store sales rose 9.6%.

Lowe's said it expects full year total sales to increase about 5%. It also expects to open 10 stores in fiscal 2013.

 

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